The popular dog-themed meme cryptocurrency, Dogecoin (DOGE), experienced a surge in its value this past week, reaching its highest point in seven days, amidst the unveiling of the new “XPayments” account on X, formerly known as Twitter.
This new account quickly amassed over 100,000 followers, creating a buzz in the cryptocurrency community.
Between the late hours of January 20 and the early hours of January 21, DOGE recorded a remarkable 12.8% increase in its value, hitting a weekly high of $0.08978, according to data from Cointelegraph Markets Pro.
However, in the subsequent 24 hours, its value retraced by approximately 4%, and it is currently trading at $0.08330.
The XPayments account, while yet to make any posts, has sparked speculation among traders regarding its potential payment functions.
Given X’s owner, Elon Musk’s, occasional references to DOGE, traders believe that the cryptocurrency might play a role in the platform’s future offerings.
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Musk has previously incorporated DOGE into his ventures, allowing DOGE payments for Tesla’s merchandise and even temporarily changing Twitter’s logo to Dogecoin’s logo, resulting in a 22% surge in DOGE’s price when he assumed control of Twitter in April 2023.
In a further development, Musk hinted that payments on X would be launched sometime around mid-2024. In preparation for this, in 2023, Musk’s company applied for money transmitter licenses in various United States jurisdictions.
This move signifies Musk’s ongoing interest in the integration of cryptocurrency into mainstream platforms, which has been a driving force behind the fluctuating fortunes of DOGE.
The recent surge in DOGE’s value highlights the ongoing influence of key figures like Elon Musk and the impact of cryptocurrency integration into popular platforms.
As the crypto community eagerly awaits further details about XPayments and its potential adoption of DOGE, the cryptocurrency market remains dynamic and ever-responsive to external developments.
With Musk’s track record of sparking enthusiasm for DOGE, the crypto world will be closely monitoring any future announcements and developments related to this intriguing partnership between Dogecoin and X.
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