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Dogecoin Jumps on Fresh X Payments Speculations After Elon Musk Tweet
DOGE has a history of moving on Musk comments or payments-related developments of his companies.
Updated Nov 22, 2024, 6:02 p.m. Published Nov 22, 2024, 5:58 p.m.
Popular memecoin Dogecoin jumped 5%, returning to multi-year highs hit earlier this month following fresh speculations on Elon Musk-owned social app X's long-anticipated payments service.
Apparently triggering the move was Musk posting a screenshot of podcaster Joe Rogan's X profile. The post included a dollar icon that's different from the app's tipping service, one user noted in an X post, speculating that it might be for sending money as part of X Payments.
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Musk replied "true" to the post.
True
— Elon Musk (@elonmusk) November 22, 2024
Dogecoin's price has a history of moving on payments-related news — no matter how fanciful — at any Elon Musk-owned companies including X, formerly known as Twitter. Musk long floated his plans to turn the social media site into an "everything-app," encompassing payments between users. X Payments LLC obtained money transmitting licenses in most U.S. states, excluding New York.
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Some crypto enthusiasts speculate that the service, once live, might include transactions with some digital assets such as DOGE, given Musk's long-standing affection for the token. Musk’s electric car company, Tesla, already accepts DOGE payments for some merchandise purchases in its online store.
DOGE advanced 5.4% over the past 24 hours, outperforming flat bitcoin prices. The token is up 190% over the past month and trading at its highest level since May 2021.
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