This time around, Elon Musk, the CEO of SpaceX and the world’s largest manufacturer of electric vehicles, Tesla, is creating a flurry of excitement around cryptocurrencies, maybe with a particular focus on Dogecoin, the well-known parody cryptocurrency.

The crypto community has taken note of Musk’s recent acts since they continue to demonstrate his influence in altering the market dynamics of digital currency.

The billionaire Musk, who is also the owner of the X app (formerly known as Twitter), posted on Sunday that “something special is coming soon.”

This tweet received a lot of positive feedback from the cryptocurrency community, especially from accounts with a Dogecoin theme.

Something special coming soon

— Elon Musk (@elonmusk) July 29, 2023

Based on Musk’s repeated references to this development in the past, many people, including the influencer David Gokhstein, anticipate that X will add DOGE – the largest meme coin – as a payment option.

This anticipation arises from the fact that Elon Musk has previously made a number of very quiet signals that a similar action may be planned.

Dogecoin (DOGE) saw a stunning price increase on Friday, garnering a lot of attention in the cryptocurrency community. On that particular day, DOGE’s price noticedably increased by over 10%, breaking past the $0.07 barrier mark.

When this article was being written, DOGE was trading at $0.08, up 2.7% over the previous day. However, the meme coin really proved its worth on a weekly basis, rising in value by about 13% in response to Musk’s post.

Source: Coingecko

This positive momentum-driven upward rise in value led to a sizable increase in the market capitalisation of the asset. The cryptocurrency’s market cap increased as a result, rising by an estimated $1 billion to a new high of $10.66 billion from its previous value of $9.67 billion.

The reasons for this remarkable rise have been the subject of heated speculation among many members of the crypto community.

One of the more intriguing current theories is on the potential integration of DOGE, the disputed cryptocurrency, into the source code of Tesla’s website’s payment page.

As enthusiasts and investors alike anticipate the potential effects of such a development, this notion has been spreading. The mere possibility of DOGE becoming a payment option for Tesla has sparked curiosity and led to upbeat predictions for the cryptocurrency’s future.

If Elon Musk does truly integrate DOGE payments into his X app, Dogecoin will experience a solid increase in utility and acceptance, as well as a significant price boom.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Getty Images

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