Dogecoin Spikes Again After Elon Musk Teases Long-Awaited X Payments Feature; Is $1 DOGE Inevitable?

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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 media platform arises again.

The Tesla/SpaceX CEO posted a screenshot of podcaster Joe Rogan’s X profile on Nov. 22. In the screenshot, a dollar icon that’s different from the app’s tipping service appears next to Rogan’s profile picture — leading to speculation that a new feature could soon be introduced.

When one X user suggested it might be for sending money as part of X Payments, Musk simply replied: “True.”

True

— Elon Musk (@elonmusk) November 22, 2024

According to CoinGecko, the price of DOGE has increased 16.5% in the past 24 hours to $0.4665. It briefly topped $0.4759 earlier, marking its highest price in over a week.

Dogecoin’s monthly gains are a whopping 236%. The meme coin shot up amid comments by Musk about how he likes the coin and as he prepares to take a new role in President-elect Donald Trump’s new administration in a newly created agency called the Department of Governmental Efficiency (D.O.G.E.).

The billionaire X owner has long talked about users making payments on the social media platform. Before acquiring X, Musk teased potential plans to incorporate Dogecoin for the platform’s premium subscriptions. However, some leaked documents earlier this year revealed that while a payment feature was in the works, crypto assets were not a part of the plans — at least not at first.

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.”