Dogecoin Surges to a 7-Day High as ‘XPayments’ Account Attracts 100K Followers in One Day

Traders are once again optimistic about Dogecoin as a newly established payment-focused account on X (formerly Twitter) rapidly gains popularity.

The recently created “XPayments” account on X has garnered over 100,000 followers, leading to a surge in the value of the dog-themed memecoin Dogecoin. Within a nine-hour period between late January 20, Dogecoin rose by 12.8%, reaching a seven-day high of $0.08978 in the early hours of January 21, as reported by Cointelegraph Markets Pro.

However, it has experienced a slight decrease of around 4% in the last 24 hours and is currently trading at $0.08330.

Although the XPayments account has not made any posts, and X has not officially disclosed its planned payment functions, traders speculate that Dogecoin might be involved. This speculation arises from occasional mentions of DOGE by the platform’s owner, Elon Musk.

X users have been anticipating Musk’s potential integration of DOGE into the platform, given Musk’s cryptic X posts and bio updates. Musk has previously allowed DOGE payments for Tesla’s merchandise store and temporarily changed Twitter’s logo to Dogecoin’s in April 2023, resulting in a 22% increase in DOGE’s price.

In December 2023, Musk mentioned the expected launch of payments on X by mid-2024. During 2023, the company applied for money transmitter licenses in several U.S. states.