The price of the meme-inspired cryptocurrency Dogecoin ($DOGE) has surged nearly 5% over the past week as the introduction of a new account dedicated to payments on the microblogging platform X (formerly known as Twitter) sparked speculation and an analyst believes the cryptocurrency could rise to $0.10 per token.

The newly launched account, using the handle XPayments, hasn’t yet made any posts, but it featured a gold badge and is marked with the company’s “X” badge, showing it’s an official account of the microblogging platform owned by Elon Musk.

The price of the meme-inspired cryptocurrency surged in November 2022 when Musk noted that the platform would be supporting payments, fueled by speculation the cryptocurrency – which Musk has said “might be my fav cryptocurrency” – could be a part of the payments system integrated into the platform.

On the microblogging platform, popular pseudonymous cryptocurrency analyst Johnny has predicted DOGE could soon see a breakout to the $0.10 mark over the launch of the X Payments account.

Other analysts are seemingly also bullish on DOGE. As CryptoGlobe reported, a popular crypto analyst has recently said the meme-inspired cryptocurrency could see a “gorgeous pump” after it breaks through a key price level.  

Captain Faibik, another popular crypto analyst, has recently suggested DOGE’s price could surge around 700% from its current levels after saying that the “DOGE train has already left the station.”

DOGE has historically seen significant rallies over short periods of time. Back in 2021,  search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

Featured image via Unsplash.