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Dogecoin Bumps 10% on X Payments Speculation, DOGE Futures Traders Lose $10M
Crypto traders are buying up DOGE in hopes of the token playing a larger role on Twitter, which rebranded as “everything app” X on Monday.
Updated Jul 27, 2023, 8:02 a.m. Published Jul 25, 2023, 7:58 a.m.
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rose for the second consecutive day as speculations of the memecoin playing a bigger role on the newly rebranded X platform fuelled the rally.
CoinGecko data shows DOGE surged as much as 10% to over 7.7 cents in the past 24 hours, with trading volumes at $2.3 billion. Most of these volumes came from the South Korean exchange UpBit – known for attracting speculative plays – against the Korean won trading pair.
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Read more: Elon Musk’s Twitter Overhaul Could Be Huge for DOGE and Crypto Generally
Futures traders lost nearly $10 million betting on and against dogecoin’s price movements, Coinglass data shows.
Analysts say Twitter, which rebranded to the everything app X on Monday, could soon accept DOGE tokens in the coming months, given owner Elon Musk’s seeming infatuation with the meme coin.
“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Simon Schaber, CBDO of Spool DAO, explained to CoinDesk in a Telegram message.
“We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does,” Schaber added.
Such speculations aren’t entirely unfounded. In April, Musk teased DOGE payments on Twitter in a tweet, proposing dogecoin as one of the payment options for Twitter Blue, the site’s subscription service with premium features.
Musk’s electric car company Tesla already accepts DOGE payments for merchandise purchases in the Tesla Store, and a repeat could be in the cards.
As per a January report, Twitter is designing a system to permit payments through the social media platform, and although billionaire owner Elon Musk wants it "first and foremost" to be for fiat currencies, he wants the ability to add cryptocurrencies later.
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Small investors are buying bitcoin. For a rally to succeed, the whales need to join in.
Small wallets have increased their BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%, Santiment data shows.
What to know:
- Bitcoin wallets holding less than 0.1 BTC have increased their share of supply to the highest since mid-2024 even as the price holds around the mid-$60,000s.
- Larger holders with 10 to 10,000 bitcoins — the whales and sharks that typically drive major moves — have reduced their positions since the October peak.
- The divergence supports choppy, fragile price action because retail demand alone cannot sustain rallies when big wallets are distributing into every recovery.
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