The meme-inspired cryptocurrency Dogecoin (DOGE) hit a weekly high on January 21st following the registration of a mysterious “XPayments” account on the social media platform X.
DOGE climbed nearly 13% over nine hours late on January 20th, reaching $0.08978, according to data from CoinMarketCap. The cryptocurrency has since pulled back slightly but has remained up over the past week.
The price spike comes amid speculation that DOGE could be integrated into a new payment feature on X, especially given repeated mentions of the cryptocurrency by platform owner Elon Musk. Musk has previously allowed DOGE payments on Tesla’s store and briefly changed Twitter’s logo to the DOGE icon.
In December, Musk said he expects payments on X to launch by mid-2024. The company has applied for money transmitter licenses in several U.S. states, signaling payment preparations.
While details remain scarce, the activity has fueled optimism for DOGE bulls. “The speculation is that advertisers could be able to pay DOGE for ads,” said one trader. At publishing time, DOGE is trading at around $0.08.