Dogecoin Surges 15% Following X Payments Profile Debut

The meme token Dogecoin (DOGE) saw a 15% increase in value over several days, rising from $0.078 to $0.089, following the emergence of an XPayments account on the social network X.

At the time of writing, the coin’s price had adjusted to $0.083. According to CoinGecko, the asset’s market capitalization reached $11.9 billion, placing it tenth among the largest cryptocurrencies. 

The XPayments profile, which has amassed over 100,000 followers, appeared on the evening of January 20 and has yet to post any messages. Representatives of the social network and its owner, Elon Musk, have not commented on the account’s appearance. 

Some users speculate that the platform might introduce a cryptocurrency payment feature, potentially supporting DOGE.

Doge is rising as speculation abounds from the creation of the @Xpayments account

Elon has never erred in his support of Doge, even against tremendous pressure during a prolonged bear market

? Payments is the utility that Doge deserves—Giving The People control of their money!

— ??? (@itsALLrisky) January 20, 2024

The founder of Tesla and SpaceX has long promoted the meme token. In April 2022, he suggested reducing the cost of a Twitter Blue subscription and allowing users to pay for the premium service in DOGE.

In February 2023, the meme cryptocurrency’s price rose in response to a series of tweets by Musk. The entrepreneur introduced his dog named Floki as the CEO of Twitter and a new member of the company’s board of directors.

The token FLOKI also rose by 20% following the appearance of XPayments, reaching $0.000034. However, the coin’s price later fell below $0.00003. 

In December, Musk revealed that X would launch a payment service in mid-2024. He stated that the company expects to obtain licenses to provide financial services in both fiat and cryptocurrency markets.  

The platform’s application for a payment license became known in January 2023. Simultaneously, the social network began developing the necessary software. Musk plans to transform X into a “super app” with paid verification and a financial ecosystem.

Earlier in 2024, the social network quietly removed the ability to set NFTs as profile pictures.