DOGE has a history of moving on Musk comments or payments-related developments of his companies.

Updated Nov 22, 2024, 6:02 p.m. Published Nov 22, 2024, 5:58 p.m.

Popular memecoin Dogecoin (DOGE) jumped 5%, returning to multi-year highs hit earlier this month following fresh speculations on Elon Musk-owned social app X's long-anticipated payments service.

Apparently triggering the move was Musk posting a screenshot of podcaster Joe Rogan's X profile. The post included a dollar icon that's different from the app's tipping service, one user noted in an X post, speculating that it might be for sending money as part of X Payments.

Musk replied "true" to the post.

Dogecoin's price has a history of moving on payments-related news — no matter how fanciful — at any Elon Musk-owned companies including X, formerly known as Twitter. Musk long floated his plans to turn the social media site into an "everything-app," encompassing payments between users. X Payments LLC obtained money transmitting licenses in most U.S. states, excluding New York.

Some crypto enthusiasts speculate that the service, once live, might include transactions with some digital assets such as DOGE, given Musk's long-standing affection for the token. Musk’s electric car company, Tesla, already accepts DOGE payments for some merchandise purchases in its online store.

DOGE advanced 5.4% over the past 24 hours, outperforming flat bitcoin (BTC) prices. The token is up 190% over the past month and trading at its highest level since May 2021.