Dogecoin (DOGE) rose for a second straight day on speculation that the memecoin will play a bigger role in the newly rebranded platform ‘X’.
DOGE surged 10% to more than 7.7 cents in the past 24 hours, with trading volume reaching $2.3 billion, according to CoinGecko data. Most of these trades were on South Korean cryptocurrency exchange Upbit, known for attracting speculation on South Korean won trading pairs.
According to CoinGlass data, futures traders lost nearly $10 million betting on Dogecoin’s price volatility.
Analysts said Twitter, which on July 24 rebranded itself to universal app X, could introduce Dogecoin in the coming months given owner Elon Musk’s apparent obsession with memecoin.
Kryptomon Chief Marketing Officer Tomer Nuni told CoinDesk in a Telegram message that “there is speculation that advertisers may be able to pay for advertising and other usage on Twitter in DOGE.”
“The same thing happened when Tesla announced that it would accept DOGE payments for its products, so there is some speculation that, like Tesla, stakeholders in Musk’s business are starting to accept crypto,” added Nuni.
Such speculation is not unfounded. In April, Musk tweeted about paying with DOGE, suggesting Dogecoin as one of the payment options for Twitter Blue, the site’s subscription service with premium features.
Electric car company Tesla already accepts DOGE payments for purchases in its Tesla store, so the same could be said.
According to reports in January, Twitter was designing a system to allow payments through its social media platform, with billionaire owner Elon Musk prioritizing fiat “first and foremost”, but also hoping to add crypto later.
｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Dogecoin Bumps 10% on X Payments Speculation, DOGE Futures Traders Lose $10M