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Dogecoin (DOGE) and Floki (FLOKI), the meme tokens themed after dogs, rose as much as 12% on expectations of adoption among crypto communities following the creation of the @xpayments profile on the social media app X but then retreated. According to CoinGecko data, trading volume for both tokens increased by 200% over the weekend, but remained relatively low due to small fluctuations in the overall crypto market.
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Additionally, other sources showed that open positions in futures tracking these tokens rose from $200 million to $430 million, which could be seen as an indication of increased bets.
DOGE tends to rise on developments related to payments at Elon Musk-owned companies such as X or Tesla. Floki, named after Musk’s dog, is seen as a beta bet among medium-sized investors.
Will Dogecoin be used as payment method?
Simon Schaber, CBDO of Spool DAO, said in a message last July: “The speculation is that advertisers will be able to pay DOGE for ads on Twitter and other uses.” He also added, “We saw the same thing when Tesla announced that it would accept DOGE for the purchase of its goods. So, the speculation could be about Musk’s businesses and equities starting to accept crypto like Tesla did.”
The @xpayments account has garnered over 100,000 followers since its creation on Friday night. In early January, X said in a blog post that it would launch a peer-to-peer payment feature on the app this year, and Musk had previously indicated that it could include cryptocurrencies.
While there is no official communication on whether DOGE will be used as an official payment option, compared to Bitcoin (BTC) or Ethereum (ETH), such speculation is not entirely baseless. In April 2023, Elon Musk tweeted about DOGE payments on Twitter, suggesting Dogecoin as a payment option for the Twitter Blue premium subscription service.
Tesla, Musk’s electric car company, already accepts DOGE payments for product purchases at Tesla Stores.