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.
