FLOKI And DOGE Rocket 12% Amid Speculation That Elon Musk Is Eyeing Crypto Payments On X

Updated: 22 January 2024

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Meme coins Dogecoin (DOGE) and Floki (FLOKI) soared at the weekend amid speculation that Elon Musk will allow crypto payments on X after the social media platform created a dedicated account for payments on the platform.

There is also anticipation that X will introduce in-app payments services by the middle of 2024, although it has not been confirmed whether payment methods other than traditional fiat currencies will be supported with this feature.

Elon Musk Effect Causes FLOKI And DOGE To Surge

DOGE and FLOKI both saw their prices surge more than 12% over the weekend, before retracing again, according to CoinGecko data. The trading volume for both tokens also skyrocketed by as much as 200% during the weekend, while futures tracking the tokens saw open interest rise from $200 million to a cumulative $430 million.

This was after the @xpayments profile went live on the platform, triggering a wave of adoption hopes in crypto circles. Although the account has not published any posts yet, it holds the gold badge, which indicates that the account belongs to a verified organization.

In addition to this, it also carries the X badge, which suggests that it is associated with X. Currently, the account has more than 108,000 followers.

The potential integration of DOGE and FLOKI within X’s in-app payment feature would not be the first time a crypto has been included as a payment option within one of Musk’s companies.

At the beginning of last year the billionaire announced that Tesla merchandise could be purchased using DOGE. As such, the community has grounds for speculating that DOGE and FLOKI (named after Musk’s dog) could make their way onto X.

Community Sees Other Cryptos Making Their Way Onto X

So X is building "X Payments"

It's only right they enable the X coins…$XRP $XLM $XDC $XYO etc…

I wanna see a MASSIVE crypto integration from X

Change the world Elon, set fire to the SEC + banks with this play

— MASON VERSLUIS (@MasonVersluis) January 20, 2024

DOGE and FLOKI are not the only cryptos that the community believe could be integrated into X’s upcoming in-app payments feature. Crypto researcher Mason Versluis shared with his 169,000 followers his excitement about the possibility of seeing cryptos that start with “X” also making their way into the platform’s payment feature.

He believes Ripple (XRP), Sellar (XLM) and XDC Network (XDC) are among others that could also be included in the feature.