Elon Musk has unveiled a promo video for the new financial service X Money, which turns the social network into a full-fledged bank alternative and challenges traditional fintech giants such as Venmo and Cash App. The platform offers savings accounts, instant payments, passwordless access via passkeys, and Visa debit cards with no foreign transaction fees.
Through its banking partners, X Money provides unprecedented FDIC insurance of up to $10 million, while early users are already testing the system in real time and reporting high interest rates on balances and cashback on purchases.
However, for the crypto community, which has been waiting for another financial revolution from Musk, this official teaser raises the main question: will Dogecoin really be left outside X Money?
Why Elon Musk chose Visa over Dogecoin
Despite Musk's years of hints and expectations around the integration of digital assets, X Money works exclusively with fiat money at launch. The reasons for this decision are purely practical, as X Payments had to methodically obtain money transmission licenses in dozens of U.S. states to legally launch the service.
Any integration of a volatile meme coin at this stage would simply have blocked compliance and triggered strong resistance from regulators. In addition, the product is tightly connected to traditional Visa payment infrastructure, which requires strict security rules.
Musk likely needs to build a stable fiat base for everyday transactions first before adding a risky cryptocurrency to it. The community is already debating the global rollout and whether support for Bitcoin and DOGE will appear later, but right now widely regarded as Musk's favorite coin has officially been left outside the large-scale project.
Against the backdrop of a release that demonstrably ignored crypto, Dogecoin continued its prolonged decline under pressure from disappointed sellers. On the DOGE/USDT chart, the pair is trading near $0.07466, losing another fraction of a percent on the very day of the announcement.
Dogecoin daily price chart with RSI, Source:
TradingView
The RSI indicator is in deeply oversold territory at 22.64, while a clear bearish signal has been recorded slightly higher on the chart, confirming the strength of sellers. Without real utility inside the X Money ecosystem, the coin has lost its main fundamental driver, and its chart clearly reflects this bearish sentiment, continuing to slide lower since May.
