Dogecoin Rises 2.3% as X Payments and Elon Musk Boost Market Sentiment
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, 2024
Dogecoin 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.