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Dogecoin is on the rise this Friday. It has hit its highest price in over a week. The buzz around this comes from renewed speculation about Elon Musk possibly introducing payments to his social media platform, X, which was formerly known as Twitter.
Earlier today, Musk shared a screenshot of podcaster Joe Rogan’s profile. In that image, a dollar sign appeared next to Rogan's profile picture. This has led many to wonder if a new feature is on the way.
When one user on X pointed out this mysterious widget, Musk simply replied, “True.”
Nima Owji, an independent app researcher, speculated that the ‘$’ button could be used for sending money as part of X Payments. This has sparked a lot of interest.
As of now, Dogecoin has increased by 4% in the last 24 hours. It’s currently priced at $0.40, according to CoinGecko. The price even briefly topped $0.41 earlier, marking its peak for the week.
Over the past week, Dogecoin's value has surged by 87%. This follows a slowdown after an impressive rally driven by Musk’s comments and Bitcoin reaching new all-time highs.
In the last 30 days, Dogecoin, which ranks as the seventh-largest digital asset, has seen its price jump by 189%. Just last week, it hit a three-year high of around $0.43.
Dogecoin was created back in 2013 by a group of engineers. They intended it as a humorous nod to the “doge” meme featuring a Shiba Inu. The goal was to poke fun at the influx of altcoins that followed Bitcoin's rise.
However, the coin gained real traction when Elon Musk started promoting it on Twitter in 2020. His memes helped boost its value and win over a dedicated following.
Dogecoin reached an all-time high of $0.73 in 2021, but it faced a sharp decline afterward. Recently, it has gained momentum again as Musk expresses his fondness for the coin. He is also preparing for a new role in President-elect Donald Trump’s administration at an agency known as the Department of Governmental Efficiency (D.O.G.E.).
Musk, who bought Twitter in 2022 and rebranded it as X, has talked about allowing users to make payments on the platform.
Before acquiring Twitter, Musk hinted at plans to use Dogecoin for purchasing premium subscriptions. However, earlier this year, documents revealed that while a payment feature was in the works, cryptocurrency was not part of the initial plans.