Crypto News- Doge-themed meme tokens, Dogecoin (DOGE) and Floki (FLOKI), experienced a noteworthy 12% surge, followed by a slight retreat. This uptick was fueled by heightened anticipation within the crypto community surrounding an @xpayments profile on the X social app, hinting at potential adoption prospects.
Dogecoin and Floki Gain Bullish Momentum Amidst Growing X Payments Speculation
Over the weekend, trading volumes for both DOGE and FLOKI skyrocketed by 200%, as per CoinGecko data. Despite the broader crypto market displaying subdued activity with minimal volatility, futures tied to these tokens witnessed a surge in open interest, reaching a combined $430 million from $200 million. This increase in open interest suggests a growing confidence in bullish positions.
The DOGE token, known for its responsiveness to payment-related developments in Elon Musk-owned companies like X and Tesla, tends to exhibit significant price movements. Meanwhile, Floki, named after Musk’s dog, serves as a beta bet for midcap traders.
Simon Schaber, Chief Business Development Officer of Spool DAO, shared insights in a Telegram message last July, stating, “The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter.” He further highlighted the parallel with Tesla, where similar dynamics unfolded when the company announced its acceptance of DOGE for payments.
DOGE and Floki Rally
The @xpayments account swiftly amassed over 100,000 followers since its setup on a late Friday. Notably, in a blog post earlier this month, X had announced plans to introduce peer-to-peer payment capabilities within the app this year. Musk has previously expressed that cryptocurrencies could play a role in this development.
As the speculation around Musk’s businesses and their potential acceptance of crypto gains momentum, the market is closely watching for further cues from influential figures like Musk and developments related to @xpayments.
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