Dogecoin Hits Weekly High Amid Speculation Over Elon Musk's New 'XPayments' Account
Summary:
Dogecoin (DOGE), a "meme" cryptocurrency, reached a weekly high value with a 12.8% surge following the creation of a new Twitter account called "XPayments", which quickly gained over 100,000 followers. SpaceX CEO, Elon Musk's mysterious posts and his history of supporting DOGE have intrigued traders, anticipating that Musk might incorporate DOGE into his payment offerings. DOGE is currently priced at $0.08330 after experiencing a slight drop.
Dogecoin (DOGE), a cryptocurrency inspired by a popular internet meme featuring a Shiba Inu dog, observed a surge in value, attaining a one-week peak, in conjunction with a new Twitter account named "XPayments" gaining over 100,000 followers. Between late Jan 20 (UTC) and early Jan 21, DOGE experienced a 12.8% surge over nine hours, escalating to a weekly high of $0.08978, according to data from Cointelegraph Markets Pro. In the last 24 hours, it has observed a 4% drop, currently being traded at $0.08330. As per the seven-day DOGE chart, there is a recognizable upsurge to its weekly high.
The @XPayments account hasn't yet made any posts and it remains unclear what payment options it might provide. However, traders have speculated that DOGE might be involved in offerings given that its mention has occurred on numerous occasions by SpaceX CEO, Elon Musk.
Supporters of DOGE have long anticipated Musk to incorporate DOGE into the platform, given the SpaceX CEO's often cryptic X posts and bio updates.
Related: An Elon Musk tweet temporarily turned a memecoin trader into a millionaire
DOGE payments have been introduced on Tesla's merchandise store by Musk. Furthermore, Musk altered Twitter's logo to Dogecoin's shortly after he acquired control of the platform in April 2023, resulting in a 22% increase in DOGE's value.
In December, Musk expressed that he anticipates payments on X will debut by mid-2024. Moreover, the company had submitted applications for money transmitter licenses in several states of U.S. last year.
Published At
1/22/2024 8:59:45 AM
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