DogeCoin Surges 14% in 24 Hours

Speculation arises on a potential collaboration between DogeCoin and X, while Musk denies plans for issuing tokens.

Unpredictably, the value of Dogecoin (DOGE) has increased by over 14% in less than twenty-four hours. The cryptocurrency, which originated from memes, experienced a substantial surge in value from $0.079 to $0.091, generating considerable anticipation within the cryptocurrency community.

The prodigious expansion seems to be associated with the enigmatic persona of Elon Musk and his audacious undertaking, Xpayments.

The well-known business magnate, renowned for his affinity for cryptocurrencies, specifically DOGE and Bitcoin (BTC), has generated considerable interest with his strategy to expand X into a super application that provides financial services, among others.

Significantly, X, previously affiliated with Twitter, formally introduced its Xpayments account, thereby making a crucial entry into the financial industry. Elon Musk’s dedication to this enterprise is reinforced by the procurement of licenses for monetary transactions in several states within the United States.

Reports are indicating that X is making preparations to implement peer-to-peer payments, and Musk has alluded to the possibility of a public release by mid-2024.

To X from Dogecoin?

Although Musk has unequivocally declared that his companies have no plans to issue their tokens, the DOGE price increase coincides with the announcement of social media page revisions by Xpayments.

Speculation has ensued within the cryptocurrency community regarding the possibility of Dogecoin and X integrating or collaborating; Musk’s well-known affinity for DOGE and BTC has further fueled this speculation.

At this time, it is unknown whether Dogecoin and X are on the verge of forming a substantial partnership or whether this is merely a market reaction to Musk’s influence.