Trading volumes for both tokens surged 200% over the weekend, CoinGecko data shows, even as wider crypto volumes remained comparatively lower amid little volatility

Dogecoin and floki gained as much as 12% before dropping, as an @xpayments profile on social app X sent adoption hopes soaring among crypto circles.

Trading volumes for both tokens surged 200% over the weekend, CoinGecko data shows, even as wider crypto volumes remained comparatively lower amid little volatility. Elsewhere, futures tracking the tokens saw open interest rise to a cumulative $430 million from $200 million, suggestive of increasing bets.

Dogecoin has the tendency to soar on payments-related developments at any Elon Musk-owned firms, such as X or Tesla. Floki moves as a beta bet among midcap traders.

The speculation is that advertisers could be able to pay Dogecoin for ads and for other uses on Twitter, Simon Schaber, CBDO of Spool DAO, explained to CoinDesk last July.

We have seen the same happening when Tesla revealed the ability to pay for its goods with Dogecoin. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does, he said.

The @xpayments account has already garnered more than 100,000 followers since its late Friday setup.

Earlier in January, X said in a blog post that it would launch peer-to-peer payments capability on the application this year, and Musk has earlier stated it could feature crypto currencies.

There has been no official communication on whether Dogecoin will feature as a payment option, compared to bitcoin or ether, but such speculations are not entirely unfounded. In April 2023, Musk teased DOGE payments on Twitter in a tweet, proposing dogecoin as one of the payment options for Twitter Blue, the site’s subscription service with premium features.

Musk’s electric car firm, Tesla, already accepts DOGE payments for merchandise purchases in the Tesla Store.