Dogecoin the memecoin surged by 5% following an Elon Musk tweet hinting that the memecoin could play an active role in the anticipated X payment service.
The leading memecoin has a long history of reacting to Elon Musk tweets and statements due to the history between both parties.
Dogecoin surged in price after Elon musk posted a screenshot of Popular Podcaster Joe Rogan on November 22.
The screenshot contained a dollar Icon that is quite different from the apps tipping service.
The dollar icon features sparked speculation with one user noted in an X post, speculating that it might be for sending money as part of X Payments.
“This photo was posted by @elonmusk on 𝕏. My speculation is that “$” button is used for sending money to someone as a part of X Payments!” Nimwa Owji
“True “Elon Musk replied to the X user confirming his speculation.
Elon musk replied to the user’s speculation admitting that he is right and fueling more speculation around the highly anticipated X payment service.
Dogecoin and Elon Musk
Dogecoin and Elon Musk go all the way back from the creation of the memecoin. Elon Musk heavily promoted the memecoin in its early days but took a long break after the asset lost almost 80% of its value.
Elon musk has continued shilling the token but this time subliminally through cryptic messages and indirect cues.
Dogecoin has always reacted to payment-related news around an Elon Musk-owned company. His electric car company Tesla already accepts Dogecoin for merchandise purchases and services.
Elon Musk has initially floated plans to turn X into a general-purpose app facilitating payments between users.
Analysts believe that when he eventually does this the X app might include transactions with some digital assets such as DOGE, given Musk’s long-standing affection for the token.
Dogecoin at the moment is exchanging hands for $0.4109 surging by 13.1% in the last 7 days. The memecoin has surged by 197% in the past month making it one of the highest performing memecoins in the market.
Dogecoin also outperformed bitcoin this week as memecoins continue to impress in the bull run.
What to Know
- Memecoins are the biggest beneficiaries of the Bull run outperforming other Altcoins in the bull cycle. Memecoins like PNUT, Dogecoin, Chill Guy and Quant all made list of top performers this bull cycle.
- Memecoin trading is back in vogue as new millionaires are minted daily from flipping 10X,100x and 1000X memecoins. Memecoin trading remains a risky venture with memecoins notorious for having double digits losses.
- Bitcoin is still expected to cross the $100,000 mark soon with the asset currently at $96,000.
