Elon Musk Sparks Fresh Wave of Dogecoin Speculation With This Move

Elon Musk, the owner of the X social media platform, has triggered the Dogecoin community, who now believes a major announcement is around the corner.

Elon Musk and Dogecoin have a unique history, as the popularity of the meme coin is closely tied to posts and comments from billionaire investors. In this latest move, Elon Musk liked one of his old posts that suggests a potential tuition payment in Dogecoin.

The old tweet also suggested the possibility of offering a discount for dog owners. While liking a post from the past is quite unusual, the Dogecoin association makes it even more intriguing. Current permutations suggest Elon Musk might be eyeing an integration of DOGE into the forthcoming X Payments outfit.

Grand Plans for DOGE?

While nothing has been confirmed as of today, the high affinity for DOGE has drawn conversations from many observers on X that the dog-themed cryptocurrencies may feature in the fintech drive.

X Payments is Elon Musk’s response to revolutionizing financial transactions to transform the micro-messaging app into an everything app truly. Since taking over X, he has made moves that showed DOGE has a future on the platform. One of the signs to prove this was when he changed the iconic Bird logo of the platform to that of Dogecoin.

Though the Dogecoin logo was later removed, the gesture has already been registered in the minds of observers, prompting the assertions that more might be ahead for the coin following Elon Musk liking his past tweet.

Dogecoin and Continuous Network Growth

Dogecoin has also been recording an impressive network milestone as current indications show a massively soaring transaction count. As teased by the popular community member @Tdogewhisperer, Dogecoin recorded over 1.9 million transactions sparked predominantly by Inscriptions.

The #Dogecoin blockchain has processed about 1.9 million transactions in the past 24 hours.

This is mostly due to images being inscribed on the blockchain. These inscriptions tend to bloat the network and don’t have a use case. Many in the Doge community recommended those… pic.twitter.com/o62MiZV4v1

— Doge Whisperer 🐕 (@TDogewhisperer) February 2, 2024

These inscriptions are becoming a mainstream trend that clogs up networks like Bitcoin, Ethereum, and Avalanche, among others. While the milestone of recorded transaction counts is worth celebrating, Tdogewhisperer highlighted the strain it might cause for legitimate and urgent DOGE transfers.

As a note to developers, the community lead noted that Dogecoin is a currency and not a file-sharing network and should innovate in this regard.

Source