Since Twitter rebranded to the X platform, the rally was fueled by speculation that Dogecoin (DOGE) was playing a bigger role. According to the data showed by CoinGecko, DOGE rapidly surged 10% to more than 7.7 cents in the past 24 hours on volume of $2.3 billion. Much of the volume came from UpBit, a South Korean exchange known for attracting speculative trading.
“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Krypto Chief Marketing Officer Tomer Nuni reported to Coindesk in a Telegram message.
As Musk’s electric car company Tesla already accepts the DOGE payment method to purchase goods from Tesla Stores, there is also a possibility that DOGE tokens will be used on the X platform.
Furthermore, analysts said that Twitter changed its name to the Everything app X, given that owner Elon Musk seems to be fascinated with the meme coin, and it could soon accept DOGE tokens in the next few months.
