Dogecoin, the canine-themed cryptocurrency that has become a popular meme on the internet, has experienced a surge in its weekly high. The rise comes in the wake of the establishment of a new account named “XPayments” on X, the platform formerly known as Twitter. This account has rapidly gained traction, accumulating in excess of 100,000 followers.
Dogecoin witnessed a 12.8% ascent within a narrow nine-hour window, from late on January 20 to the early hours of January 21, reaching a seven-day peak of $0.08978. Despite this stellar performance, the cryptocurrency has since receded approximately 4% and is presently trading at $0.08330.
While no announcements have been made from the XPayments account yet, and X has not divulged any specific details about its prospective payment features, traders have been speculating, as it was about Doge AI. Their conjecture revolves around the possibility of Dogecoin being incorporated into the platform’s offerings. This speculation is fueled by the cryptocurrency’s sporadic mentions by none other than the owner of the site, Elon Musk.
Doge is rising as speculation abounds from the creation of the @Xpayments account— 💸💸💸 (@itsALLrisky) January 20, 2024
Elon has never erred in his support of Doge, even against tremendous pressure during a prolonged bear market
𝕏 Payments is the utility that Doge deserves—Giving The People control of their money!
Followers of X have been harboring hopes that Musk, renowned for his often cryptic and enigmatic posts, would integrate Dogecoin into the platform. Musk’s previous actions have only fueled these hopes. He has accepted Dogecoin payments on Tesla’s merchandise outlet and even changed Twitter’s logo to that of Dogecoin after he assumed leadership of the platform in April 2023. This action saw a 22% surge in Dogecoin’s price.
In December of the same year, Musk declared his expectations of launching payments on X by mid-2024. Earlier in 2023, the company had sought money transmitter licenses in several states in the United States. All these actions from Musk and his companies have kept Dogecoin in the spotlight, contributing to the speculative trading and price fluctuations of the meme coin and developing Doge AI.