DOGE surges 12.8% as X prepares payment features

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Data have shown that Dogecoin (DOGE) reached a weekly high of $0.08978, a 12.8 percent increase, on Sunday. This surge followed the revelation of the “XPayments” account on X (formerly Twitter).

This upward trend started with an initial five percent increase, which is significant in the crypto market. Before the surge, Dogecoin was trading at approximately $0.79.

Over the weekend, trading volumes for DOGE surged by 200 percent. This increase occurred even as the overall crypto volumes remained relatively low due to minimal volatility. Additionally, futures tracking the token showed growth in open interest, reaching $430 million from $200 million.

Regarding payment features, details about adding cryptocurrency support to X are unknown, but DOGE’s price rise after the announcement has sparked speculation among investors and analysts.

Elon Musk’s previous support for DOGE, combined with his ownership of X, has led to expectations that DOGE might be part of the upcoming payment system.

The XPayments account, with around 100k followers, has not posted anything, and X has not confirmed its payment features. Despite a lack of updates, the account is verified with a gold badge, confirming its legitimacy as an organization. It also carries the X badge, indicating an association with X.

Musk enabled DOGE payments on Tesla’s store and changed X’s logo to DOGE’s in April 2023, leading to a 22 percent DOGE price spike. X also applied for money transmitter licenses in multiple U.S. states in 2023.

Musk still favors DOGE

In a recent X Space (formerly Twitter Space) conversation, Musk shared that he still preferred to keep DOGE in his cryptocurrency holdings.

“I still own a bunch of dogecoin, and SpaceX owns a bunch of bitcoin,” Musk said.

Following Musk’s disclosure, DOGE saw only a six percent rise, signaling a change from the past when his statements had a significant impact on the market. In 2021, Musk’s tweets could heavily influence its prices, but recent statements have not generated the same level of excitement. Nevertheless, Dogecoin remains a top-ten cryptocurrency with a market capitalization of $11.5 billion.

Musk also disclosed that Tesla holds over 10,000 Bitcoins valued at nearly $500 million, despite having sold 75 percent of their Bitcoin holdings.

XPayments part of X’s transformation

Earlier in a blog post, X announced plans to launch a peer-to-peer payment feature. The post said that this plan is part of X’s transformation into an “everything app” that includes XPayments, creator tools, shopping and more. With XPayments, the company aims to roll out peer-to-peer payments that enhance its users’ utility and create new avenues for commerce.

“X is not just another app – it’s becoming the everything app, seamlessly uniting experiences into one interface, for everyone,” it said.

Besides XPayments, the company shared its 2024 projection to enhance users’ experience through AI.

X revealed that they would use AI to improve the advertising experience, from search to ads, and to gain a better understanding of customers. For instance, X introduced the “See Similar Posts” feature, powered by xAI, to show users more relevant content. Additionally, they are planning to launch the upcoming “See Dissimilar Posts” feature, allowing users to explore content aligned with their interests.