Dogecoin and Floki See Price Jumps as Rumors of Twitter Payment Flies
Dogecoin (DOGE) and Floki (FLOKI), two popular meme-based cryptocurrencies, have seen a significant surge in their prices, with both tokens experiencing a 12% increase. This price jump has been attributed to rumors of potential payment options on Twitter, sparked by a profile named @xpayments on social app X.
The speculation was further fueled by Elon Musk, the CEO of Tesla and SpaceX, who has previously hinted at the possibility of using DOGE for payments on platforms like Twitter Blue. Musk’s influence on DOGE, often referred to as the “Musk effect,” has been well-documented.
Over the weekend, trading volumes for DOGE and FLOKI increased by 200%, and futures trading also saw a significant rise, with bets totaling $430 million. Simon Schaber from Spool DAO suggested that DOGE might be used for ads on Twitter, similar to when Tesla allowed payments with DOGE.
The crypto community has responded to Twitter’s payment license with increased trading volumes for both DOGE and FLOKI. The possibility of these cryptocurrencies being used for payments on Twitter has led to a surge in futures trading, with bets totaling significant amounts.
Twitter’s payment license, now held by the platform known as X (formerly Twitter), allows the company to offer a range of financial services, including the ability to process cryptocurrency payments. The acquisition of such licenses in multiple U.S. states indicates that X could potentially facilitate transactions involving various digital currencies.
The @xpayments account quickly gained over 100,000 followers, further indicating the high level of interest in these developments. Earlier in January, X announced plans to launch peer-to-peer payments this year, potentially including cryptocurrencies.
While there has been no official confirmation of DOGE being used for payments, the speculation has been enough to drive up the price of the token. Floki, named after Musk’s dog, has also seen a surge in popularity among traders.
In addition to the Twitter payment rumors, Floki’s price jump was also influenced by the upcoming launch of TokenFi. The FLOKI price recorded a jump of over 22% within the last 24 hours, making it the top gainer in the industry.
However, it’s important to note that while these price jumps are significant, they are based on speculation and rumors. Until there is official confirmation of these payment options, the future of DOGE and FLOKI remains uncertain.
In the world of cryptocurrencies, prices can be highly volatile and influenced by a variety of factors, including speculation, market sentiment, and influential figures like Elon Musk. As such, investors should always do their own research and consider their risk tolerance before investing in cryptocurrencies.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information