Dogecoin Bumps 10% on X Payments Speculation, DOGE Futures Traders Lose $10M

Crypto traders are buying up DOGE in hopes of the token playing a larger role on Twitter, which rebranded as “everything app” X on Monday.

AccessTimeIconJul 25, 2023 at 7:58 a.m. UTC
Updated Jul 27, 2023 at 8:02 a.m. UTC

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.

CoinGecko data shows DOGE surged as much as 10% to over 7.7 cents in the past 24 hours, with trading volumes at $2.3 billion. Most of these volumes came from the South Korean exchange UpBit – known for attracting speculative plays – against the Korean won trading pair.

Futures traders lost nearly $10 million betting on and against dogecoin’s price movements, Coinglass data shows.

Analysts say Twitter, which rebranded to the everything app X on Monday, could soon accept DOGE tokens in the coming months, given owner Elon Musk’s seeming infatuation with the meme coin.

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Simon Schaber, CBDO of Spool DAO, explained to CoinDesk in a Telegram message.

“We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does,” Schaber added.

Such speculations aren’t entirely unfounded. In April, Musk teased DOGE payments on Twitter in a tweet, proposing dogecoin as one of the payment options for Twitter Blue, the site’s subscription service with premium features.

Musk’s electric car company Tesla already accepts DOGE payments for merchandise purchases in the Tesla Store, and a repeat could be in the cards.

As per a January report, Twitter is designing a system to permit payments through the social media platform, and although billionaire owner Elon Musk wants it "first and foremost" to be for fiat currencies, he wants the ability to add cryptocurrencies later.

Edited by Parikshit Mishra.


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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.