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DOGE is gaining popularity among crypto traders as they believe it will have a bigger role on Twitter, which recently rebranded itself as the ‘everything app’ X on Monday.
Dogecoin (DOGE) rose for the second consecutive day as speculations of the memecoin playing a bigger role on the newly-rebranded X platform, fuelled the rally.
According to CoinGecko data, DOGE experienced a significant surge of 10%, reaching over 7.7 cents in the last 24 hours. The total trading volume during this period amounted to $2.3 billion. Notably, many of these trades occurred on the South Korean exchange UpBit, which is known for attracting speculative trades, particularly against the Korean won trading pair.
Futures traders lost nearly $10 million betting on and against dogecoin’s price movements, Coinglass data shows.
According to analysts, Twitter, now rebranded as the “everything app X,” might start accepting doge tokens in the upcoming months. This speculation arises from 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.
“Nuni explained that similar events occurred when Tesla announced its acceptance of DOGE as payment. Therefore, the current speculation centers around the possibility of Musk’s other businesses and holdings also adopting cryptocurrencies, just like Tesla did.”
Such speculations aren’t all unfounded. Back in April, Musk hinted at DOGE payments on Twitter, suggesting that dogecoin could be one of the payment choices for Twitter Blue, the platform’s subscription service offering premium features.
Musk’s electric car company Tesla already accepts DOGE payments for merchandise purchases on the Tesla Store, and a repeat could be on the cards.
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