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Dogecoin hits 7-day high as ‘XPayments’ account gains 100K followers in a day

Traders have again raised hopes over Dogecoin after a newly created payments-focused account for the platform quickly gained traction.

Dog-themed memecoin Dogecoin DOGE$0.08 has hit a weekly high following the creation of the new “XPayments” account on X (formerly Twitter), which has now clocked over 100,000 followers.

DOGE climbed 12.8% in a nine-hour window between late Jan. 20 and hit a seven-day high of $0.08978 in the early hours of Jan. 21.

It’s since fallen around 4% in the past day and is currently trading at $0.08330.

While the XPayments account is yet to make a post — and X hasn’t confirmed exactly what payment functions it plans to offer — traders seemingly speculated that DOGE could make part of the offering due to its occasional mention by the site’s owner, Elon Musk.

Doge is rising as speculation abounds from the creation of the @Xpayments account

Elon has never erred in his support of Doge, even against tremendous pressure during a prolonged bear market

Payments is the utility that Doge deserves—Giving The People control of their money!— (@itsALLrisky) January 20, 2024

X users have long hoped that Musk would somehow integrate DOGE into the platform due to multiple cryptic X posts and bio updates from the often-enigmatic billionaire.

Anyone else notice the Dogecoin (Ɖ) symbol in Elon Musks location pic.twitter.com/Y1OGT42hD2— Morgan (@Helloimmorgan) July 24, 2023

Musk has allowed DOGE payments on Tesla’s merchandise store and changed Twitter’s logo to Dogecoin’s shortly after he took over the platform in April 2023, which caused a 22% spike in DOGE’s price.

In December 2023, Musk said he expects payments on X to be launched sometime by mid-2024. In 2023, the company applied for money transmitter licenses in several United States.

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