Dogecoin (DOGE) saw a price surge on Friday, reaching its highest level in over a week. The increase came amid speculation that Elon Musk would integrate a payment feature into social network X (formerly Twitter). Fans of Dogecoin are hopeful that Musk will incorporate his favourite cryptocurrency into the new payment system.

X Payments Rumours Intensify

Elon Musk, CEO of Tesla and the world’s richest person, posted a screenshot of Joe Rogan’s profile on Friday morning. The screenshot showed a "$" symbol next to Rogan’s avatar, sparking speculation that X Payments, a new feature for transferring money between users, would soon be launched.

When questioned about the symbol, Musk simply replied, "Yes." This reply fuelled further speculation about the upcoming feature. Independent researcher Nima Owji also suggested that the "$" button might be used for user-to-user transactions.

🚨BREAKING: X PAYMENTS CONFIRMED BY ELON

THIS WILL CHANGE EVERYTHING

Here’s everything we know so far:

• X will basically become your bank account
• Completely replaces services like Venmo
• Store your money and earn interest
• Tip other creators
• Buy products from… pic.twitter.com/4Het22Jqkt

— Alex Finn (@AlexFinnX) November 22, 2024

Dogecoin Price Surges 2.3%

As a result of these developments, Dogecoin’s price rose by 2.3% in the past 24 hours, according to CoinGecko data. At one point, DOGE reached $0.48, its highest value in more than a week. In the last month, Dogecoin's price has increased by 227%, and it has gained 87% in the past week alone.

The H4 chart shows that the price has been trapped within a channel. As of writing, it is traded around the support. A bullish reversal pattern may push the price towards the channel’s resistance and even further.

Dogecoin Gains Attention Since 2020

Originally created as a joke in 2013, Dogecoin was meant to parody the rise of altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception, countless cryptos have been launched. Many of these have met varying levels of success, though few have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There are currently over 5,000 altcoins and this number seems to grow constantly. The leading altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins c Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception, countless cryptos have been launched. Many of these have met varying levels of success, though few have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There are currently over 5,000 altcoins and this number seems to grow constantly. The leading altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins c Read this Term following Bitcoin's popularity. Since 2020, the cryptocurrency has gained significant attention, largely due to Musk’s social media posts about it. Musk's influence caused Dogecoin’s value to spike on several occasions.

Before acquiring Twitter (now X) in 2022, Musk had hinted at using Dogecoin to pay for premium services on the platform. However, documents released earlier this year showed that cryptocurrency was not included in the initial phases of the X Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term feature.

D.O.G.E. Sparks Dogecoin Hope

Musk’s recent comments, along with the potential integration of Dogecoin into X Payments, have reignited hope in the Dogecoin community.

These developments coincide with Musk's involvement in a new administration under President-elect Donald Trump, humorously named the Department of Governmental Efficiency (D.O.G.E.). This adds to the belief that Dogecoin may play a significant role in the future of payment systems on X.