The price of Dogecoin DOGE/USD has increased over the past day which could be due to many reasons including the social media platform X get closer to launch payments in 2025.
What happened: Formerly known as Twitter, social media platform X has transformed since becoming a billionaire Elon Musk acquired the platform for $44 billion in 2022.
Musk began acquiring a stake in the company in January 2022 and announced his intention to acquire the company in April 2022. The acquisition was completed in October 2022 and Musk now owns the social media platform.
The acquisition is part of Musk’s plan to create what he calls a multi-purpose app that will include social media, payments, video and more.
The integration of payments on X has been a hot topic over the years and has also helped drive the price of Dogecoin several times. Musk has been a supporter of Dogecoin over the years and it has long been believed that the meme cryptocurrency will be included in X Payments.
Musk already changed Twitter’s logo of the bird to Doge for a short time before changing it, then changing the logo to X when the company changed its name to X.
X CEO Linda Yaccarino shared a tweet suggesting that X Payments, aka X Money, could be about to launch.
“2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more. Buckle up. Happy New Year!” Yaccarino tweeted.
This tweet as well as the inauguration of Donald Trump as Chairman and Musk as Co-Leader of the Department of Government Effectiveness with Vivek Ramaswamy later this month, this could help increase the price of Dogecoin.
Dogecoin was trading between 15 cents and 18 cents on November 5, the day of the US presidential election. Like many cryptocurrencies, Dogecoin gained traction in the days and weeks following Trump’s victory.
The meme cryptocurrency reached a one-year high of $0.4835 in December 2024.
Here’s a look back at Dogecoin trading when Musk acquired Twitter.
Read also: Dogecoin Down 17% in a Month, Will Meme Crypto Hit 25 Cents or 69 Cents First? 78% of readers say…
Invest $1,000 in DOGE: Investors who thought Musk buying social media platform Twitter might be good for Dogecoin’s long-term prospects might have purchased the cryptocurrency on October 27, 2022, when the acquisition was finalized.
Dogecoin traded as high as $0.084825 on October 27, 2022. An investment of $1,000 at the highest price of the day could have purchased 11,788.98 DOGE.
Today, the Dogecoin investment would be worth $4,462.13, up 346.2%.
For comparison, the same $1,000 invested in the Musk-led project Tesla the stock would be worth $1,690.17 today, up 69.0%. The same $1,000 invested in the SPDR S&P 500 ETFwhich tracks the S&P 500 Index, would be worth $1,525.90 today, up 53.6% over the same period.
While X Payments may or may not include Dogecoin integration, the meme cryptocurrency will likely experience volatility related to items related to Musk and the X social media platform.
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