Crypto traders are buying up Dogecoin (DOGE) in hopes that the token will play a bigger role in Twitter, which on Monday changed its logo to an X symbol, "a super app . " Speculations suggest that Dogecoin may be introduced as a means of payment in this new business of Elon Musk.
According to CoinDesk , the price chart of Dogecoin (DOGE) is bullish for the second day in a row, as speculation that the memecoin will play an important role in the new Platform X has increased.
Data from CoinGecko shows that the price of DOGE increased by 10% in the last 24 hours to over $0.077 with a trading volume of $2.3 billion. Most of this volume of transactions is related to UpBit, an exchange in South Korea, and the trading of the Dogecoin currency pair with the South Korean Won.
Data from CoinGlass also shows that futures traders have lost close to $10 million in long and short DogeCoin trades.
Analysts say that due to Elon Musk's interest in this meme coin, Twitter (X) may soon accept Dodge tokens in the coming months.
Tomer Nuni, chief marketing officer of Kryptomon, said:
Speculation is that advertisers could use DOGE to pay for ads and other uses on Twitter. We saw the same thing when Tesla announced the possibility to pay with DOGE for its products. So the speculation about Musk's new businesses is to accept crypto like Tesla.
Such speculations are not all unfounded. In April, Musk unveiled DOGE payments on Twitter in a tweet and suggested Dogecoin as a payment option for Twitter Blue, a subscription service with premium features.
Musk's electric car company Tesla currently accepts payments with DOGE for purchases at the Tesla Fan Merchandise store, and the same may be possible for the X platform.
It should be noted that Twitter is designing a system that will allow payments, and although its billionaire owner Elon Musk wants it to be "primarily" for fiat currencies, he will add digital currencies later
