Dogecoin (DOGE) saw a price surge on Friday, reaching its highest level in over a week. The increase came amid speculation that Elon Musk would integrate a payment feature into social network X (formerly Twitter). Fans of Dogecoin are hopeful that Musk will incorporate his favourite cryptocurrency into the new payment system.
X Payments Rumours Intensify
Elon Musk, CEO of Tesla and the world’s richest person, posted a screenshot of Joe Rogan’s profile on Friday morning. The screenshot showed a "$" symbol next to Rogan’s avatar, sparking speculation that X Payments, a new feature for transferring money between users, would soon be launched.
When questioned about the symbol, Musk simply replied, "Yes." This reply fuelled further speculation about the upcoming feature. Independent researcher Nima Owji also suggested that the "$" button might be used for user-to-user transactions.
🚨BREAKING: X PAYMENTS CONFIRMED BY ELONTHIS WILL CHANGE EVERYTHING Here’s everything we know so far:• X will basically become your bank account• Completely replaces services like Venmo• Store your money and earn interest• Tip other creators• Buy products from… pic.twitter.com/4Het22Jqkt
— Alex Finn (@AlexFinnX) November 22, 2024Dogecoin Price Surges 2.3%
As a result of these developments, Dogecoin’s price rose by 2.3% in the past 24 hours, according to CoinGecko data. At one point, DOGE reached $0.48, its highest value in more than a week. In the last month, Dogecoin's price has increased by 227%, and it has gained 87% in the past week alone.
The H4 chart shows that the price has been trapped within a channel. As of writing, it is traded around the support. A bullish reversal pattern may push the price towards the channel’s resistance and even further.
Dogecoin Gains Attention Since 2020
Originally created as a joke in 2013, Dogecoin was meant to parody the rise of altcoins following Bitcoin's popularity. Since 2020, the cryptocurrency has gained significant attention, largely due to Musk’s social media posts about it. Musk's influence caused Dogecoin’s value to spike on several occasions.
Before acquiring Twitter (now X) in 2022, Musk had hinted at using Dogecoin to pay for premium services on the platform. However, documents released earlier this year showed that cryptocurrency was not included in the initial phases of the X Payments feature.
D.O.G.E. Sparks Dogecoin Hope
Musk’s recent comments, along with the potential integration of Dogecoin into X Payments, have reignited hope in the Dogecoin community.
These developments coincide with Musk's involvement in a new administration under President-elect Donald Trump, humorously named the Department of Governmental Efficiency (D.O.G.E.). This adds to the belief that Dogecoin may play a significant role in the future of payment systems on X.
This article was written by Tareq Sikder at www.financemagnates.com.
