Dogecoin (DOGE) Price Jumps 16.5% as Elon Musk Relaunches X Payments Speculation

The original meme coin Dogecoin (DOGE) rose today, hitting a new yearly high of nearly $0.48, as fresh speculation over Elon Musk launching payments to his X social

Dogecoin (CRYPTO: DOGE) rose today amid fresh speculation over Elon Musk launching payments to his X social media platform.

What Happened: The original meme coin hit a new yearly high of nearly $0.48 on Monday, as per CoinGecko.

DOGE rose 16.5% in the past 24 hours, trading at $0.4665 at press time.

Earlier in the day, the coin briefly topped $0.4759, marking its highest price in over a week.

Dogecoin's monthly gains stand at a significant 236%.

The meme coin surged amid comments by Musk about liking the coin and as he prepared to take on a new role in President-elect Donald Trump’s new administration in an agency called the Department of Governmental Efficiency (D.O.G.E.).

The billionaire X owner has often spoken about users making payments on the social media platform.

Before acquiring X, Musk teased potential plans to integrate Dogecoin for the platform's premium subscriptions.

However, some leaked documents earlier this year showed that while a payment feature was in the works, crypto assets were not a part of the plans — at least not at first.

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Is A $1 DOGE Price Inevitable? Meanwhile, popular analyst Trader Tardigrade stated in a recent X post that a $1 target is “inevitable” for the Dogecoin price.

Tardigrade observed the formation of a high-tight flag pattern on the DOGE chart and remarked:

“High Tight Flag Pattern stands out as a rare, BUT Extremely Bullish signal that indicates a highly possible significant upward price movement.”

#Dogecoin is forming High Tight Flag Pattern ?"High Tight Flag Pattern" stands out as a rare, BUT Extremely Bullish signal that indicates a highly possible significant upward price movement.$Doge $1 is inevitable ?With this strong price action momentum, high vibe in the… pic.twitter.com/znIM8SrEsN

A surge to $1 would imply Dogecoin surpassing its previous all-time high of $0.7376 reached on May 8, 2021.