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Dogecoin (DOGE), a meme-based cryptocurrency, has experienced a 5% increase amid speculation about Elon Musk’s social app, X, possibly incorporating a new payment service. Musk shared a screenshot of Joe Rogan’s X profile featuring a new dollar icon, sparking rumors of an additional payments feature. Elon Musk-owned companies have historically impacted DOGE positively, and so the potential inclusion of cryptocurrency payments on X is seen as significant. Some predict digital currencies like DOGE could be employed by X Payments. In the last 24 hours, Dogecoin increased 5.4% surpassing Bitcoin’s value.

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Dogecoin (DOGE), a well-known meme-based cryptocurrency, has seen a 5% increase, bouncing back to its multi-year highs. The surge in value comes after speculations about Elon Musk’s social app, X, finally incorporating their much-awaited payment service.

The buzz got started when Musk shared a screenshot of Joe Rogan’s X profile. A new dollar icon appeared in the post, different from the existing tip option on the app, sparking rumors. A user suggested that this could be an addition to the X Payments feature, enabling money transfer.

Historically, Dogecoin has reacted positively to news related to payment services, especially if those are linked to any of Elon Musk-owned companies, including X, previously known as Twitter. With Musk’s previously hinted plans on evolving X into an “all-in-one” app, covering user-to-user payments, the potential inclusion of cryptocurrency transactions becomes noteworthy.

Many believe that X Payments, once fully established, might employ digital currencies like DOGE. This assumption seems plausible, given Elon Musk’s obvious favorite, Dogecoin has earlier been accepted as payment for merch on the Tesla website.

In the last 24 hours, Dogecoin has exceeded Bitcoin’s stagnant value by climbing 5.4%. Over the past month, it has shot up by 190% and is currently at its peak since May 2021.