Dogecoin (DOGE) Price Surges 5.4% as Elon Musk Teases X Payments Feature

The buzz began after Musk posted a screenshot of podcaster Joe Rogan's X profile, which featured a conspicuous dollar icon.

Dogecoin (DOGE) price soared by 5.4% on Jan. 24 after X founder Elon Musk hinted at rolling out a new payment feature on the platform.

Musk shared a screenshot of podcaster Joe Rogan's X profile, which showed a dollar icon next to his profile picture. Astute observers noticed that Rogan, despite being an early X beta tester, did not have the icon on his profile until recently. This led to speculation that the icon might be linked to a new payment feature.

One X user commented on Musk's post, asking, “Elon, what does the $ next to people's names mean?” To which Musk simply replied: “True.” This cryptic response further fueled speculation among the X community.

Related: Elon Musk says X will become an ‘all-purpose app’ by late 2023

Musk's hints at integrating payments on X are significant, given Dogecoin's sensitivity to any news related to Musk's companies accepting the memecoin as payment.

The X founder has previously expressed his intention to transform the platform into an “everything app,” with user-to-user payments being a key component. Notably, X Payments LLC, a subsidiary of X, has already obtained money transmission licenses in the majority of U.S. states, except for New York.

In line with this vision, crypto enthusiasts are speculating that X's payment system could incorporate digital assets, and DOGE might be included due to Musk's المعلنة affinity for the memecoin. Interestingly, Tesla, Musk's electric vehicle company, already accepts DOGE for certain merchandise purchases.

As evident from the past 24-hour trading activity, Dogecoin outperformed Bitcoin (BTC), which remained relatively flat. Over the last month, DOGE has seen an impressive 190% rally, reaching its highest price point since May 2021.

A glance at DOGE's price movements over the past 24 hours reveals that the token began the day at $0.081 and reached a peak of $0.084. At the time of writing, DOGE trades at $0.083.