Quick Poll

Musk Mania Boosts Dogecoin, Floki in crypto market

  • Surge in Dogecoin and Floki: Both Dogecoin (DOGE) and Floki (FLOKI) experienced a significant surge in South Africa, fueled by adoption speculations related to an @xpayments profile on a social app.
  • Increased Trading and Futures Interest: Trading volumes for DOGE and FLOKI increased by 200% over a weekend, with futures tracking the tokens also seeing a rise in open interest, indicative of growing investor confidence.
  • Musk's Influence and Speculation: The surge is partly attributed to Elon Musk's influence and speculation around the use of DOGE for payments in his businesses, like Tesla, and potential integrations in platforms like Twitter.
Floki Inu

In the dynamic world of cryptocurrencies, Dogecoin (DOGE) and Floki (FLOKI) have recently seen a significant surge in the crypto space, partly fueled by speculation tied to an @xpayments profile on a popular social app. Both tokens experienced an impressive 12% rise before stabilizing, sparking excitement in the crypto community.

Over the past weekend, trading volumes for DOGE and FLOKI soared, with a 200% increase as per CoinGecko data. This surge happened amidst a broader crypto market that witnessed relatively lower volumes and minimal volatility, highlighting the unique momentum of these meme tokens in South Africa’s crypto scene.

Futures tracking DOGE and FLOKI also mirrored this upward trend. Open interest in these tokens escalated dramatically, jumping from $200 million to a cumulative $430 million. This increase indicates a growing interest and confidence among investors in these assets.

DOGE, known for its responsiveness to payment-related developments, particularly those associated with Elon Musk’s ventures like X or Tesla, has consistently demonstrated its market sensitivity. Floki, named after Musk’s dog, often reacts similarly, serving as a secondary choice among midcap cryptocurrency traders.

Simon Schaber of Spool DAO highlighted the potential for advertisers to use DOGE for transactions, especially on platforms like Twitter. This speculation gains ground in South Africa, where Musk’s influence is notable, and his businesses, like Tesla, have begun accepting cryptocurrencies like DOGE for transactions.

The @xpayments account, associated with these developments, has quickly amassed a following, exceeding 100,000 since its setup. Its growing popularity reflects the keen interest of the crypto community in such innovative payment solutions.

Earlier, there were announcements about the possible introduction of peer-to-peer payment capabilities on the application, with hints at incorporating cryptocurrencies. Though no official statement confirms DOGE as a payment option, Musk’s past tweets and actions, like proposing DOGE for Twitter Blue subscriptions and Tesla’s acceptance of DOGE payments, fuel these speculations.

These developments are particularly relevant for South Africa, a region with a growing interest in cryptocurrencies and digital payment methods. Musk’s influence in the crypto world makes these speculations and movements in DOGE and Floki noteworthy for South African investors and crypto enthusiasts.

Related

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.