$DOGE: Dogecoin Price Surges on Speculation Over Its Potential Use for Payments in X (Formerly Known As Twitter)

In a fascinating turn of events, Dogecoin (DOGE), the cryptocurrency that started as a meme and has since gained a cult following, recently saw a 10% uptick in its price.

According to data from TradingView, on Coinbase, earlier today (around 5:35 a.m. UTC), the DOGE price hit a high of $0.07846, up 12.61% from its intraday low of $0.06967 on 22 July 2023.

Source: TradingView

Per a report by Cointelegraph, this price surge coincided with a subtle tweak in Tesla and SpaceX CEO Elon Musk’s Twitter bio following the platform’s rebranding to “X”. Musk’s profile location now displays an “X” and a “D”, with the “X” alluding to Twitter’s new identity and the “D” widely interpreted as a nod to Dogecoin, a cryptocurrency Musk has openly championed for the past few years.

Source: X

At this point, it is worth mentioning that four years ago is when Musk first declared his fondness for Dogecoin:

Dogecoin might be my fav cryptocurrency. It’s pretty cool.

And in June 2022, Musk tweeted that he would keep supporting Dogecoin:

I will keep supporting Dogecoin

The speculation around Dogecoin’s potential future us in X was stoked further by Real Vision CEO Raoul Pal, who proposed that Musk might leverage Dogecoin for global payments for creators on the platform. Pal argued that Dogecoin could help Musk sidestep securities laws, thereby minimizing execution risk.

I will keep supporting Dogecoin

According to a report by CoinDesk, while Dogecoin was enjoying its moment in the sun, futures traders of the cryptocurrency were dealt a hefty blow. They reportedly suffered losses to the tune of $10 million.

Tomer Nuni, Chief Marketing Officer at Kryptomon, shared his insights with CoinDesk via a Telegram message. He suggested that the speculation might be centered around the possibility of advertisers using DOGE for ads and other applications on Twitter. Drawing parallels with Tesla’s revelation of accepting DOGE for its products, Nuni speculated that businesses associated with Musk might start embracing crypto, following Tesla’s lead.