DOGE Rises 6% After New Speculation About Elon Musk's X Payments

Dogecoin (DOGE) has recorded a 6% increase, reaching the highest level in many years, after there was leaked information related to a long-anticipated payment service on the X platform, owned by Elon Musk. This move seems to have been prompted by a post from Musk, in which he shared a screenshot of podcaster Joe Rogan's X profile, which includes the US dollar icon, hinting at a fiat money service on the platform, and a user speculated that this could be related to transferring money within the X Payments ecosystem. Musk confirmed this by replying 'correct' below the post.

The price of Dogecoin has long been volatile whenever there is news related to payment services at companies run by Elon Musk, including X (formerly Twitter). Musk has expressed plans to turn X into an "everything-app," including payment transactions between users. X Payments LLC is now licensed to transfer money in most U.S. states, except New York. Many people in the cryptocurrency community predict that when this payment service is launched, Dogecoin could be part of the transaction system, especially since Musk has expressed long-term support for this memecoin. Tesla, Musk's electric car company, currently accepts DOGE as a payment method for some products in the online store. In the past 24 hours, DOGE has increased by 6%, outperforming Bitcoin (BTC), which has not experienced much volatility. The coin has recorded a 190% increase in the past month and is currently trading at its highest level since May 2021.