Dogecoin Price Surges by 9% as Twitter Launches Payments Account: Could DOGE Become the Platform’s Primary Currency?

• Dogecoin’s price jumped by 9% following news of a dedicated payments account by Twitter, sparking speculation about cryptocurrency integration.
• Elon Musk’s influence as the ‘Dogefather’ and his potential impact on the use of Dogecoin in Twitter’s payment system is a key focus.

Following the recent announcement by CNF that X (formerly Twitter) is set to implement peer-to-peer payments in its next update, speculation is rife about the potential inclusion of cryptocurrencies like Bitcoin and Dogecoin. In this context, Twitter, now being transformed into Elon Musk’s vision of an “everything app,” has established a dedicated account for its impending payments feature, igniting discussions within the cryptocurrency community.

There exists a notable connection between Elon Musk and Dogecoin, often referred to as the ‘Dogefather’ due to his vocal support for the meme-based cryptocurrency. This association was underscored recently when Dogecoin’s price witnessed a significant surge of 9%, as highlighted in my recent tweet.

#Dogecoin's meteoric rise of 9,52% to $0.08665 can be attributed to the creation of the X Payments account, with investors speculating on its future role.

Anticipations stem from Elon Musk's unwavering support for the meme coin, dating back to 2019. The Dogefather's… pic.twitter.com/xnnpGjfMVp

— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) January 21, 2024

This increase, marking a rise to $0.08665, is closely linked to the creation of Twitter’s Payments account and the ensuing speculation about Dogecoin’s role in it. Musk’s support for Dogecoin, which began around 2019, has consistently influenced its market position.

Amid these developments, rumors surfaced suggesting Dogecoin might become a primary cryptocurrency for transactions on Twitter. However, a recent tweet by Elon Musk dispelled these rumors, clarifying that no such integration is currently underway.

No work is being done on this to the best of my knowledge

— Elon Musk (@elonmusk) August 3, 2023

As of the latest data, Dogecoin is trading at approximately $0.0827. This represents a decrease of 3.81% over the past day, though it still shows a 1.71% increase over the past week. The attached graph provides a visual representation of these market trends.

Graph: No coins selected