X’s BTC, ETH, XRP, DOGE Cashtags Drive $1B in Trading Volume Since Launch

Elon Musk’s X is seeing significant success with the launch of the cashtags feature for crypto assets such as BTC, ETH, XRP, and DOGE. The X cashtags feature has driven up to $1 billion in trading volume, a development that comes just as the social media platform plans to launch public access to ‘X Money.’

X Cashtags Feature Drives $1 Billion In Trading Volume

X’s Head of Product, Nikita Bier, revealed that, based on aggregated data, the platform’s cashtags feature has driven an estimated $1 billion in global trading volume since launching earlier this week. As CoinGape reported, X launched these smart cashtags for crypto and stocks.

Alongside the launch of the X cashtags feature, the social media platform had also announced a pilot integration with Wealthsimple, a Canadian brokerage. The integration enables users to trade these assets directly from the social media platform.

Commenting on the trading volume milestone, market commentator The Kobeissi Letter noted that U.S. markets now see a record $1 trillion in daily trading volume. They believe that at least 25% of this market volume is influenced by information or analysis that is posted on the social media platform. “That’s $250B+ in daily trading volume. We are bullish on Finance X,” they added.

Meanwhile, the X cashtags feature forms of Elon Musk’s plans to transform the social media platform into an ‘everything app.’ It is worth noting that the platform also plans to launch its payment system, ‘X Money,’ with early public access likely to roll out this month, according to Musk.

Crypto Traders Bet Against X Money Launching This Month

Crypto traders are betting against X Money’s launch this month amid the rollout of the X cashtags feature for crypto prices. Polymarket data show a 46% chance the payment system will launch by April 30, suggesting most traders are betting against it.

It is worth noting that Senator Elizabeth Warren has already raised concerns about X Money ahead of its launch. In a letter to Musk, Warren stated that plans to launch the digital payment system raise significant consumer, financial stability, and national security concerns that require immediate congressional attention.

Furthermore, she raised concerns that X may have to undertake risky investments to pay 6% APY on deposit accounts, which is higher than the current Federal Reserve interest rates. Additionally, Warren stated that X Money may include stablecoin issuance, which she described as a concern. The senator directed Musk to give a written response detailing his plans for X Money by April 21.