Everyone’s favorite meme-inspired cryptocurrency, Dogecoin, is barking up new heights this week. The buzz is centered around the enigmatic ‘XPayments’ account on social media giant X. This novel account, focused on payment functionalities, racked up a notable 100,000 followers in a snap, driving traders into a frenzy of speculation.

Dogecoin hit a muscular seven-day high of $0.08978, with an impressive 12.8% climb within nine hours stretching from late Jan. 20 to the wee hours of the 21st. The currency has slightly dipped by 4% and is trading at a robust $0.08330. Despite a lack of posts from the XPayments account, and no concrete details on payment options, optimists pinned their hopes on Dogecoin being included due to its numerous mentions by the platform owner, billionaire Elon Musk.

The reclusive tech tycoon has often teased followers on X with thrilling, if somewhat cryptic, posts pointing to possible integration of Dogecoin into the platform. Musk sent Dogecoin’s value skyrocketing a whopping 22% when he changed the Twitter logo to that of Dogecoin shortly after taking the reins of the platform in April 2023.

Dogecoin along with Floki, another cryptocurrency patterned after Musk’s pet, enjoyed a 12% lift in value. This upsurge was driven by the XPayments account hoopla and Musk’s insinuations. The weekend saw an explosive 200% surge in trading volumes for these digital currencies. What’s more, futures trading also shot skywards with a hefty $430 million in bets.

While official statements on Dogecoin’s involvement in the platform’s payments are still awaited, the excitement in the market is palpable. With Elon Musk’s history of incorporating Dogecoin into the payment structure of X and Tesla, traders and crypto-aficionados are watching with bated breath.