Dogecoin and Floki Tokens Gain on XPayments’ Crypto Buzz

Dog-themed meme tokens, Dogecoin (DOGE) and floki (FLOKI), recently experienced a spirited surge, soaring by as much as 12% before easing back. The catalyst behind this canine-themed crypto enthusiasm was an @xpayments profile on the social app X, sparking adoption aspirations within the crypto community.

Over the weekend, trading volumes for both DOGE and FLOKI tokens surged by a noteworthy 200%, as per CoinGecko data. This surge occurred even as the broader crypto market exhibited relatively lower volumes, coupled with subdued volatility. Meanwhile, futures tied to these tokens saw a surge in open interest, reaching a cumulative value of $430 million from $200 million, indicating a notable uptick in market bets.

DOGE, known for its propensity to rally on payments-related developments involving Elon Musk-owned enterprises like X or Tesla, experienced another boost. FLOKI, named after Musk’s dog, operates as a beta bet within midcap trading circles. The speculation gripping the market is centered around the possibility of advertisers being able to use DOGE for various transactions, including payments for ads on Twitter. Simon Schaber, Chief Business Development Officer of Spool DAO, highlighted this speculation, drawing parallels to previous instances where Tesla announced its acceptance of DOGE payments.

The @xpayments account, established late on a Friday, quickly amassed over 100,000 followers, contributing to the fervor surrounding crypto adoption. In earlier communications this January, X announced plans to introduce peer-to-peer payment capabilities within the application, with Musk hinting at potential cryptocurrency integration.

While there’s been no official confirmation regarding DOGE’s inclusion as a payment option alongside Bitcoin (BTC) or Ethereum (ETH), speculations have gained traction. Musk’s history of teasing DOGE payments on Twitter, particularly proposing it as an option for Twitter Blue, the platform’s subscription service with premium features, adds fuel to these anticipations.

Musk’s pioneering electric car company, Tesla, has already embraced DOGE payments for merchandise purchases through the Tesla Store. This ongoing trend of Musk-associated ventures exploring and adopting DOGE is indicative of a broader movement toward integrating cryptocurrencies into mainstream platforms.

In this dynamic crypto narrative, the canine-themed tokens DOGE and FLOKI find themselves at the center of attention, riding on the optimism generated by the @xpayments profile and Musk’s potential cryptocurrency ambitions. The surge in trading volumes and open interest underscores the market’s keen interest in these meme tokens, portraying them not just as whimsical assets but as potential players in the evolving landscape of digital transactions.

As the crypto community eagerly awaits official communications from Musk and X regarding potential cryptocurrency integration, the surge in DOGE and FLOKI serves as a testament to the market’s responsiveness to influential figures and their ventures exploring new horizons within the crypto space. The journey of these dog-themed tokens continues, wagging their tails amid the speculation and excitement in the ever-evolving world of cryptocurrencies.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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