In a notable development, Dogecoin (DOGE) experienced an unexpected surge of over 10% within a mere 12 hours on Saturday, catapulting its price from $0.078 to $0.090. The driving force behind this explosive growth seems to be intertwined with the launch of Xpayments, which left the cryptocurrency community buzzing with speculation.
Elon Musk, known for his avid interest in cryptocurrencies, particularly Dogecoin and Bitcoin, made headlines with the official launch of Xpayments, marking X’s foray into the financial sector as evidenced by the acquisition of licenses for money operations across multiple U.S. states.
Notably, X (formerly Twitter) has been gearing up to introduce peer-to-peer payments, with Musk hinting at potential public availability by mid-2024, sparking speculation about a potential integration or collaboration between Dogecoin and X.
Meanwhile, on-chain metrics further supported the thesis of a Dogecoin price recovery. According to data from CoinMarketCap, Dogecoin’s trading volume has skyrocketed by more than 300% in the last 24 hours, reaching approximately $1.31 billion. This surge in volume signals a bullish outlook for the meme coin, hinting at potential price gains in the near future.
Moreover, Market participants believe that Dogecoin could find a new utility as a payment option on X, fueling anticipation and potentially triggering a rally in its price. The X Payments project, announced as part of Elon Musk’s vision to position X as the “everything app,” aims to offer peer-to-peer payment services, introducing new opportunities for commerce.
The rise in DOGE’s price is attributed to the expectations surrounding its role in the X Payments initiative, given Elon Musk’s consistent support for the meme coin since 2019. While Tesla already accepts Dogecoin as payment, there is speculation that the crypto asset could play a similar role in X Payments. Notably, just a week ago, Musk reaffirmed his commitment to cryptocurrencies, disclosing his ownership of a substantial amount of Dogecoin and confirming that SpaceX still holds a significant quantity of Bitcoin.
Despite the optimism, it’s crucial to note that there were no official statements or hints from credible sources regarding X Payments adopting DOGE as a settlement option at the time of writing.