Dog-themed meme coins Dogecoin (DOGE) and Floki (FLOKI) are being adopted for payment by the social app X account “xpayments”.gave me hopeAs a result, prices rose 12% at one point.
According to data from CoinGecko, trading volume for both tokens surged 200% over the weekend, even though trading volumes for major crypto assets remained relatively low amid little volatility. In addition, cumulative open interest in futures trading that traces tokens increased from $200 million (approximately 30 billion yen, equivalent to 1 dollar = 150 yen) to $430 million (approximately 64.5 billion yen), leading to an increase in bets. It shows.
DOGE tends to spike in connection with payments for companies owned by Elon Musk, such as X and Tesla. FLOKI, named after Musk’s dog, is the subject of a “bet on beta” among mid-cap traders.
Simon Schaber, chief business development officer (CBDO) of Spool DAO, told CoinDesk in a Telegram message in July last year that he would pay advertising fees and other usage fees on X with DOGE. There is speculation that it may be possible to do so.”
Schaber added, “We saw the same thing when Tesla revealed that they could pay for their products with DOGE. So, just like Tesla, Musk’s business and shareholders have There is also speculation that they are beginning to accept the
The xpayments account has already gained over 100,000 followers since it was opened on January 19th.have acquired.
In early January, Xblog posthas said it will launch peer-to-peer payment capabilities on its app later this year, and Musk has previously said it may incorporate crypto assets.
There is no official word yet on whether DOGE will be adopted as a payment option alongside Bitcoin (BTC) and Ethereum (ETH), but speculation is not completely unfounded. In April 2023, Musk announced the acceptance of DOGE payments in a post on X, suggesting DOGE as one of the payment options for the site’s subscription service with premium features.
Musk’s electric car company Tesla already accepts DOGE payments for purchases at Tesla Stores.
｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Original text: Dogecoin, Floki Bullish Bets Rise on X Payments Speculation