The world’s richest person, Elon Musk, has openly supported meme coins in the past, and following recent events, the leader of these meme coins, Dogecoin (DOGE), experienced a 9% increase. This rise came after a major innovation by the company Musk controversially acquired. Last evening, a payment account was announced on the application, which led to a spike in Dogecoin’s price.
Dogecoin’s Price Momentum
Following the development, the price of Dogecoin, a leader among meme coins, surged by 13% to over $0.090 but then pulled back to a 9% increase at $0.08580. Before the price hike, Dogecoin’s price was around $0.79.
During this period, DOGE’s trading volume saw an incredible increase of 245%, surpassing $1.1 billion. The overall volume of the meme coin grew by nearly 8%, reaching the $12 billion mark. Despite a stagnant market, Dogecoin has achieved a general growth of 4.29% since last week, earning the admiration of market participants.
It continues to attract investors’ attention how meme coins can be affected by news and how quickly their prices can move. It is evident that the surge in Dogecoin’s price is not only investor-driven but also news-driven.
X and the Payment System
The sharp increase in Dogecoin’s price seems to be connected to the latest announcement by X, a company sensationally acquired by Elon Musk in the past.
The announcement of a new “X Payment” account on X is considered just one of the innovations X aims to achieve in the financial technology sector for the future. The foundation of this initiative is focused on user-friendly, secure payment solutions while aiming to increase transaction efficiency and simplify processes.
All this process brings back the question of whether DOGE will be included in payment systems. Although there is no definitive answer yet regarding the integration of DOGE into the “Payment” account, the price of Dogecoin has seen a noticeable increase following this development, sparking major rumors among investors.
Musk’s recent statements about Mars showed his distance from Bitcoin and instead his strong support for Dogecoin, which could further strengthen this connection.
Musk’s significant influence in the crypto space over the years and his ownership of X is increasingly making the idea that Dogecoin could be part of these payment systems a widely discussed topic among investors.
