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Dogecoin (DOGE) has experienced a two-day consecutive surge, driven by speculations that the memecoin will play a more significant role on the recently rebranded X platform. This has ignited the rally and contributed to its upward momentum.
According to data from CoinGecko, DOGE experienced a significant surge, rising by up to 10% in the last 24 hours, reaching a value of over 7.7 cents. The trading volumes during this period amounted to an impressive $2.3 billion. Notably, a significant portion of these trading volumes originated from the South Korean exchange UpBit, which is renowned for attracting speculative trading activities, particularly with the DOGE/Korean won trading pair.
Coinglass data reveals that futures traders incurred losses of almost $10 million while speculating on both the rise and fall of dogecoin's price.
Experts predict that Twitter, following its rebranding to the all-encompassing app X on Monday, may be on the verge of embracing doge tokens in the upcoming months. This potential move comes as a result of owner Elon Musk's apparent fascination with the meme coin.
“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Kryptomon Chief Marketing Officer Tomer Nuni explained to CoinDesk in a Telegram message.
“We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does,” Nuni added.
These speculations are not entirely baseless. Back in April, Musk hinted at DOGE payments on Twitter when he proposed dogecoin as a potential payment option for Twitter Blue, the platform's subscription service offering premium features.
Musk's electric vehicle company, Tesla, has already embraced DOGE payments for purchasing merchandise on their official Tesla Store, and a recurrence of this practice may be in the pipeline.
In a recent January report, it was revealed that Twitter is currently working on a system that would enable users to make payments directly through their social media platform. The billionaire owner, Elon Musk, has expressed a primary focus on facilitating transactions with fiat currencies initially. However, he also intends to incorporate the option to include cryptocurrencies at a later stage.
