Bullish Bets on Dogecoin, Floki Surge Amid X Payments Speculation

• Surge in Dog-Themed Meme Tokens Dogecoin and Floki
• Rise in DOGE Open Interest and Speculations
• @xpayments and Cryptocurrency Acceptance

Surge in Dog-Themed Meme Tokens Dogecoin and Floki

Dogecoin$0.091 -0.42% (DOGE) and Floki (FLOKI$0.000035 -3.29%), both dog-themed meme tokens, experienced an increase of up to 12% before settling down. This event was prompted by a profile from @xpayments on the social app X, which boosted adoption perspectives amongst cryptocurrency enthusiasts.

Over the weekend, trading volumes for DOGE and FLOKI escalated by 200%, according to CoinGecko data. This occurred despite the fact that overall cryptocurrency volumes were somewhat stable due to minimal volatility. In other areas, futures connected to these tokens saw their open interest increase from $200 million to a cumulative $430 million, suggesting an increase in bets.

Rise in DOGE Open Interest and Speculations

There was a noteworthy surge in DOGE open interest on Saturday. Furthermore, DOGE is known to have a propensity to react to payment-related updates from any company owned by Elon Musk, such as X or Tesla. Floki, named after Musk's dog, is often viewed as a beta bet by midcap traders.

According to Simon Schaber, CBDO of Spool DAO, there is speculation that advertisers might be able to use DOGE for ads and other purposes on Twitter. He added that a similar situation occurred when Tesla announced that it would accept DOGE as a payment method for its products.

@xpayments and Cryptocurrency Acceptance

The @xpayments account has already attracted over 100,000 followers since its establishment late last Friday. Earlier in January, X declared in a blog post that it intends to introduce peer-to-peer payments on its application this year. Musk has previously stated that this feature could include cryptocurrencies.

While there has been no official confirmation that DOGE will be included as a payment option alongside bitcoin (BTC) or ether (ETH), such speculations are not completely baseless. In April 2023, Musk hinted at DOGE payments on Twitter in a tweet, suggesting that Dogecoin could be an option for Twitter Blue, a premium service with extra features. Musk's electric car company, Tesla, is already accepting DOGE payments for merchandise purchases in the Tesla Store.

Edited by Jonathan Stoker