Dogecoin Jumps 10% to Clear $0.20 for First Time Since 2021

Dog-themed meme crypto Dogecoin has surged by 10% in the past day, reclaiming $0.20 for the first time since December 2021.

Dogecoin is currently priced at $0.2038, up 10.8% on the day and 34.6% on the week, per data from CoinGecko. The cryptocurrency last hit $0.20 on December 4, 2021, according to the crypto price tracker. It remains a far cry from its all-time high price of $0.73, posted in May of that year at the height of the crypto bull market.

The meme coin's price bump comes days after Twitter's artificial intelligence chatbot Grok told some users that Dogecoin payments on the platform were possible—likely as the result of an AI hallucination, since no such functionality has been enabled.

In a Twitter thread, Dogecoin developer Mishaboar speculated that Twitter crypto payments could be implemented "much earlier" than a five year horizon, albeit "probably not sooner than next year," arguing that payment services such as PayPal already support crypto.

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Elon Musk, Twitter payments and Dogecoin

Twitter owner and chariman Elon Musk has previously revealed his intention to turn the platform (rebranded as X) into a "super app" with payment capabilities, with an official @XPayments account launching earlier this year.

However, although Musk has long professed to be a fan of Dogecoin, the tech billionaire has not confirmed that the meme coin (or, indeed, any cryptocurrency) would form part of any planned payments feature.

Dogecoin Pumps Amid Speculation Over Twitter Payments

Dogecoin, the prominent dog-themed meme coin, spiked nearly 12% on Saturday following the buzz around the newly established XPayments account on Twitter (aka X). It's the highest daily spike for the top meme coin since April 3, 2023. The excitement around the @xpayments account, despite its lack of posts and no confirmation from Twitter or owner Elon Musk about the planned payment functions, are just another example of the speculative nature of cryptocurrency markets. Elon Musk previously mentio...

He has previously speculated that Dogecoin could be used as a means of payment for the social media platform's premium subscription service Twitter Blue, and has collaborated in the past with Dogecoin developers.

Last year, the Financial Times reported that Musk wanted Twitter's planned payment service to be primarily based around fiat currency, but with the option of adding crypto functionality "at a later point," according to sources familiar with the matter.

Edited by Stacy Elliott.