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Surge in Dogecoin and Floki Value Amid X Payments Speculation

Dogecoin and Floki rally on the backdrop of rumors around the X payment feature

Dogecoin (DOGE) and its counterpart, Floki (FLOKI), have recently seen a notable upswing, with prices soaring as much as 12%. This surge is attributed to speculative excitement generated by an @xpayments profile on a prominent social app, X. The buzz around potential adoption in crypto circles has not only uplifted the tokens' value but also catapulted their trading volumes, as reported by CoinGecko data. The weekend witnessed a staggering 200% increase in trading volumes for both DOGE and FLOKI, outpacing the broader crypto market's activity.

The speculation is rooted in the pattern that DOGE often spikes in value following payment-related developments in Elon Musk-owned entities like X or Tesla. Similarly, Floki, named after Musk's dog, has gained traction as a speculative bet among midcap traders. Simon Schaber of Spool DAO commented on the phenomenon, suggesting the possibility of using DOGE for ad payments on Twitter, drawing parallels to Tesla's adoption of DOGE for merchandise purchases.

Elon Musk's Influence: A Catalyst for Crypto Adoption

The crypto community is abuzz with the possibility that Elon Musk's platforms might embrace Dogecoin for transactions. Simon Schaber of Spool DAO hinted at such prospects, recalling when Tesla introduced DOGE as a payment option for its products. Similar expectations now surround Musk's other business interests, potentially expanding crypto acceptance.

This speculation gained traction with the @xpayments account's rapid growth on a popular social platform, amassing a significant following soon after its inception. In line with Musk's innovative approach, his company X has announced plans to integrate peer-to-peer payment features into its app, with cryptocurrencies potentially on the roster. While official statements about incorporating DOGE alongside established cryptos like Bitcoin and Ethereum are pending, Musk's history of crypto advocacy, including his playful endorsement of DOGE payments on Twitter, fuels these speculations.

The future of Dogecoin and Floki in mainstream payments

Amidst these speculations, the potential for Dogecoin's inclusion as a payment method remains a topic of keen interest. In April 2023, Musk stirred the crypto world by suggesting DOGE for Twitter Blue subscriptions, indicating his favor towards the meme currency. This aligns with Tesla's existing practice of accepting DOGE for merchandise, showcasing Musk's progressive stance on cryptocurrency adoption.

While the crypto community eagerly anticipates official confirmation, the implications of Dogecoin and Floki's inclusion in mainstream payment systems are substantial. It could mark a significant milestone in the journey of cryptocurrencies from niche investments to widely accepted payment methods.