Dogecoin (DOGE) surged 5%, revisiting the multi-year highs it touched earlier this month. The rally came on the heels of speculation about Elon Musk’s social platform X (formerly Twitter) and its long-anticipated payment integration.
The buzz began after Musk posted a screenshot of podcaster Joe Rogan’s X profile, which featured a conspicuous dollar icon. Observers on X speculated the icon could indicate a new payment feature, distinct from the platform’s existing tipping service. Musk’s cryptic “true” reply to one such post only fueled the speculation further.
Source: X
Dogecoin’s price has long been sensitive to Musk’s musings, especially when tied to payments at his companies. Musk has frequently hinted at transforming X into an “everything app,” with user-to-user payments as a core feature. X Payments LLC has already secured money transmission licenses across most U.S. states, excluding New York.
Crypto enthusiasts believe this payment system could incorporate digital assets, with DOGE being a likely candidate due to Musk’s well-documented affinity for the memecoin. Tesla, Musk’s electric vehicle company, already accepts DOGE for certain merchandise purchases.
DOGE outperformed Bitcoin (BTC), gaining 5.4% in the past 24 hours compared to BTC’s flat performance. Over the last month, Dogecoin has skyrocketed 190%, reaching its highest price point since May 2021.
Source: Trading View
As Musk continues to tease innovations on X, Dogecoin remains at the center of the action, reflecting its enduring appeal as the billionaire’s favored token.