Share this article
Dogecoin, Floki Bullish Bets Rise on X Payments Speculation
DOGE has the tendency to surge on payments-related developments at any Elon Musk-owned companies, such as X or Tesla. Floki, named after Musk’s dog, moves as a beta bet among midcap traders.
Updated Mar 8, 2024, 8:16 p.m. Published Jan 22, 2024, 6:41 a.m.
Dog-themed meme tokens Dogecoin [DOGE] and floki [FLOKI] rose as much as 12% before retreating, as an @xpayments profile on social app X sent adoption hopes flying among crypto circles.
Trading volumes for both tokens shot up 200% over the weekend, CoinGecko data shows, even as broader crypto volumes remained relatively lower amid little volatility. Elsewhere, futures tracking the tokens saw open interest rise to a cumulative $430 million from $200 million, indicative of rising bets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
DOGE has the tendency to surge on payments-related developments at any Elon Musk-owned companies, such as X or Tesla. Floki, named after Musk’s dog, moves as a beta bet among midcap traders.
“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 last July.
“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.
The @xpayments account has already garnered over 100,000 followers since its late Friday setup.
Earlier in January, X said in a blog post that it would launch peer-to-peer payments capability on the application this year, and Musk has previously stated it could feature cryptocurrencies.
There has been no official communication on whether DOGE will feature as a payment option, compared to bitcoin [BTC] or ether [ETH], but such speculations aren’t entirely unfounded. In April 2023, 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.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin eyes longest daily winning streak in 3 months
Bitcoin rose over 1% during Monday's Asian trading session, marking a potential five-day winning streak.
What to know:
- Bitcoin rose over 1% during Monday's Asian trading session, marking a potential five-day winning streak.
- The broader crypto market, including major cryptocurrencies like XRP, solana, and ether, also saw gains of up to 1%.
- Tax-loss selling has subsided, one analyst said explaining the upswing, while others attributed the uptick to haven demand.
Top Stories
