Elon Musk Sparks Fresh Dogecoin Speculation with Cryptic Move

• Elon Musk recently liked an old tweet in which he proposed a new university in Texas where the tuition is paid in Dogecoin, and learners get a discount if they own a dog.
• Musk has been a controversial figure who has pumped DOGE and other cryptos at will with his endorsements, but this has earned him a $258 billion lawsuit.

Elon Musk is one of the crypto industry’s most influential figures, and despite not being directly involved in any project, he has more sway than anyone else. Over the weekend, he proved it again, liking a tweet he posted in 2021 about Dogecoin payments, and this was enough to get an entire crypto community buzzing at the prospects of a major announcement.

In October 2021, Elon Musk took to Twitter to state that he was “thinking of a new university: Texas Institute of Technology & Science.” He added, “Tuition is in Dogecoin, and you get a discount if you have a dog.”

As one sleuth on X noted, the Tesla CEO liked the tweet over the weekend, and the Dogecoin community is aflame with excitement.

Elon Musk liked a post from himself https://t.co/9ZDa0l39hR

— ELON ALERTS (@elon_alerts) February 3, 2024

While social media was ablaze with speculation, the price of DOGE has barely moved. Over the past day, it has gained a paltry 0.97% to trade at $0.0797. It has also stayed in the same range for the past week, gaining 1%. However, the volume has shot up by 53% to hit $238 million, and at $11.39 billion, it’s the tenth-largest crypto in the market.

While Musk’s tweet had an effect, Dogecoin’s fundamentals have been strong in the past few weeks. From January 27 to February 3, which was before the tweet, the daily active addresses on the network spiked from 141,000 to 635,000, a 350% surge. A lot of the activity was down to the continued adoption of DRC-20, Dogecoin’s token standard. After success on the Bitcoin blockchain, DRC-20 inscriptions are spreading to other networks.

Dogecoin for X Payments?

It’s not the first time Musk has ignited interest in DOGE. The X and SpaceX CEO is a big fan of the dog-themed meme coin and was one of the key people behind its rise to its all-time high of $0.73 in May 2021.

At one point, it seemed like Dogecoin could be getting integrated into X for payments, which sent interest in the meme coin to new highs. However, all of Musk’s promises have yet to turn into any action. If anything, they have led investors to sue him for $258 billion for allegedly running a pyramid scheme with DOGE.

However, Musk has pledged to make X the ‘Everything App,’ and this includes integrating payments. The Dogecoin community remains hopeful that the crypto project will be on Musk’s mind as he works on native X payments. With its transaction fees averaging $0.04 over the past year, Dogecoin would integrate seamlessly into a digital payments space where existing credit card systems charge 2.2% on average.

Me explaining to my friend how dogecoin and ???? are the perfect duo for peer-to-peer payments pic.twitter.com/lO6CyyIiLU

— Sir Doge of the Coin (@dogeofficialceo) February 4, 2024