The largest memecoin, Dogecoin (DOGE), has seen a price increase for the second consecutive day, rising over 10% to above $0.077. This surge in DOGE’s price is fueled by speculation that the meme cryptocurrency could play a significant role in payments on Twitter, formerly known as X.
Dogecoin Investors Flock to UpBit Exchange
CoinGecko data shows that DOGE’s trading volume has reached $2.3 billion, with the majority of this volume coming from the South Korean-based cryptocurrency exchange, UpBit. Known for speculative trading, UpBit’s participation in DOGE trading has contributed to the recent price rally.
Active participation in DOGE trading is also observed in the futures market. Crypto data platform Coinglass reveals that there is significant liquidity in DOGE futures contracts, with approximately $10 million worth of positions being liquidated.
Speculation Surrounding X Boosts Dogecoin
Analysts believe that given the interest of Dogecoin’s biggest supporter, Elon Musk, the cryptocurrency could start accepting DOGE payments on Twitter, which will be rebranded as X in the coming months. Similar to allowing DOGE payments for some of Tesla’s products, there is speculation that advertisers will be able to make payments in DOGE for ads and other services on Twitter.
In April, Musk jokingly hinted at accepting DOGE payments on Twitter and suggested that DOGE could be one of the accepted payment options for Twitter Blue, the platform’s subscription service that grants access to premium features. Considering Musk’s history of promoting DOGE’s usage and Tesla’s acceptance of DOGE payments for some products, the integration of the meme cryptocurrency into the Twitter platform seems highly probable.
While these speculations remain unconfirmed, they are not entirely baseless given Musk’s past support for DOGE and his interest in exploring cryptocurrency payment options in his companies.
