Dogecoin’s value experienced a 5% surge after Elon Musk hinted at its potential role in the upcoming X payment service.
The increase followed Musk’s November 22, 2024, tweet showcasing a screenshot of Joe Rogan’s account on X, featuring a prominent dollar icon. The screenshot ignited speculation about its link to the much-anticipated payment feature. When a user suggested the icon might signify a money-sending function, Musk confirmed with a simple reply:
“True.”
Dogecoin’s association with Musk dates back to its early days, as the billionaire frequently leveraged his social media influence to promote the memecoin. Despite a period of decline, where Dogecoin lost nearly 80% of its value, Musk has maintained subtle support, often with cryptic statements. The cryptocurrency also enjoys functional utility, with Tesla accepting it for merchandise purchases, showcasing its growing adoption in commerce.
Following Musk’s tweet, Dogecoin’s market performance has been remarkable. It currently trades at $0.4109, reflecting a 13.1% rise over the past week and a staggering 197% surge in the last month, making it one of the best-performing memecoins during this period.
Analysts suggest that Musk’s plans for the X payment service could involve cryptocurrencies, with Dogecoin being a strong contender for integration. Musk’s track record of support bolsters expectations that the service may include digital assets as part of its transaction framework.
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