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Dogecoin's Surge to Weekly Peak Coincides with "XPayments" Follower Boom

Dogecoin's Surge to Weekly Peak Coincides with "XPayments" Follower Boom

Key Takeaways

  • Dogecoin reached a seven-day high of $0.08978, following a surge in followers of the "XPayments" account on X.
  • Speculation about Dogecoin's inclusion in X's payment options has increased, influenced by Elon Musk's previous endorsements of the cryptocurrency.
  • Elon Musk's initiatives and plans for X, including the anticipated launch of payment features by mid-2024, have significantly impacted Dogecoin's market dynamics.

Dogecoin, the popular dog-themed cryptocurrency, has recently witnessed a significant surge in its value, reaching a seven-day high.

The spike in Dogecoin's price coincides with the rapid growth in followers of the newly established "XPayments" account on X, which has garnered over 100,000 followers in a remarkably short time.

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According to BitDegree data, Dogecoin experienced a notable 12.8% increase within nine hours, starting from late January 20th. This surge propelled its value to a weekly peak of $0.08978 in the early hours of January 21st.

However, the cryptocurrency has since experienced a slight decline, trading at around $0.0834, marking an almost 5% decrease from its recent high.

The buzz surrounding the XPayments account, despite it not having made any official posts yet, has fueled speculation among traders.

In particular, this speculation is primarily driven by the potential inclusion of Dogecoin in X's forthcoming payment functions. This anticipation stems from Dogecoin's occasional mention by Elon Musk.

Musk, known for his cryptic posts and updates on X, has previously shown several signs of support for Dogecoin. His actions have fueled hopes among X users that he might integrate the memecoin into the platform's operations.

Notably, Musk facilitated the acceptance of Dogecoin payments at Tesla's merchandise store and even temporarily changed X's logo to that of Dogecoin after taking over the platform in April 2023. This move had previously led to a significant 22% increase in Dogecoin's value.

In December 2023, Musk outlined his expectations for the launch of payment features on X, targeting a mid-2024 timeframe. The platform had taken concrete steps in this direction in 2023 by applying for money transmitter licenses across several US states.

Dogecoin's recent price rally and the growing interest in the "XPayments" account on X highlight the influential role of platform developments and Elon Musk's actions in shaping cryptocurrency market trends.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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