The price of popular memecoin Dogecoin (DOGE) has seen a notable surge over the past day, coinciding with crypto community excitement around the launch of a dedicated payments account by Elon Musk’s X platform.
DOGE rose as much as 12.8% to hit a 7-day high early Saturday morning.
The rally comes shortly after X revealed an ‘@XPayments‘ account on Friday, which has already quickly amassed over 106,000 followers despite not yet having posted. While X has not confirmed details around the account, the timing has fueled speculation that crypto assets like DOGE could be integrated for payments.
X and its CEO Elon Musk have dropped hints over time that crypto and DOGE specifically could play a role on the platform. Back in late 2023, a cryptic meme X posted featuring a dog was interpreted by some in the DOGE community as a subtle signal. Musk has also allowed DOGE payments for Tesla merchandise.
The billionaire tech leader has suggested previously that he expects X payments to launch at some point in 2024. The company has been ramping up efforts around financial services, including applying for money transmitter licenses in multiple U.S. states last year.
With Musk’s track record of DOGE advocacy and X’s payments plans accelerating, traders seem to be betting the memecoin could end up as part of the platform’s offering. X has shifted over the past year to open up monetization features for content creators.
While some crypto analysts think X may have cooled recently on crypto-specific projects based on ad revenue trends, this week’s DOGE price action shows there is still substantial market confidence around the asset’s future should it collaborate with one of the world’s most influential social platforms.