- January 23, 2024
- Posted by: [email protected]
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In a compelling turn of events for Dogecoin (DOGE) enthusiasts, the cryptocurrency experienced a notable upswing, reaching a seven-day high fueled by the creation of the “XPayments” account on X (formerly Twitter). This newly minted payments-focused account swiftly garnered an impressive 100,000 followers within a single day, injecting a renewed sense of optimism into the Dogecoin community.
The canine-themed memecoin, known for its playful Shiba Inu mascot, saw a substantial 12.8% surge within a tight nine-hour window between late January 20 and the early hours of January 21. During this period, DOGE reached a high of $0.08978, according to data from Cointelegraph Markets Pro. However, it’s important to note that, in the subsequent 24 hours, Dogecoin retraced approximately 4%, currently trading at $0.08330.
What makes this surge particularly intriguing is the association with the mysterious “XPayments” account on X, a social media platform that underwent a rebrand. Despite the account not making any posts yet, traders are buzzing with speculation about the potential involvement of Dogecoin in the payment functionalities of X. This speculation is grounded in the occasional references to DOGE by the platform’s owner, the tech mogul and Tesla CEO, Elon Musk.
Elon Musk, a vocal supporter of Dogecoin, has a history of influencing the cryptocurrency’s value through his public statements and actions. Musk previously permitted DOGE payments for Tesla merchandise and notably changed Twitter’s logo to the Dogecoin symbol shortly after assuming control of the platform in April 2023. This seemingly small move resulted in a significant 22% spike in DOGE’s price.
The anticipation surrounding Dogecoin’s integration into the X platform is further fueled by Musk’s cryptic posts and bio updates on X. Musk’s followers on the platform have long hoped for Dogecoin’s incorporation into X, and the surge in DOGE’s value suggests that traders are actively factoring in this potential development.
Musk fueled the hype in December 2023 when he stated that payments for X would be enabled by mid-2024. Additionally, in the previous year, his company applied for money transmitter licenses in multiple U.S. jurisdictions, indicating serious intent to delve further into the financial landscape.
As the Dogecoin community eagerly awaits more concrete information about the XPayments account and its potential integration with DOGE, the cryptocurrency market remains on high alert, recognizing the profound impact Elon Musk has had on Dogecoin’s trajectory in the past. The surge in Dogecoin’s value serves as a testament to the power of social media influence and speculation within the dynamic world of cryptocurrency.
