EXCLUSIVE: Dogecoin Is About Financial Freedom, Changing The 'System,' Developer Says

Dogecoin DOGE/USD and Floki FLOKI/USD experienced a notable uptick in market activity over the weekend, with increases up to 12%.

"What I can say about all the hype on Dogecoin's recent trend due to the X Payment speculation, it's important to know Dogecoin is not about making more fiat money. Essentially, Dogecoin is all about financial freedom and changing the current financial system," Dogecoin developer Paulo Vidal said on Monday, Jan. 22.

Projects like radio.dogecoin.org and gigawallet.dogecoin.org, by the Dogecoin Foundation, are working to include more people in the financial system globally, he added.

"These projects not only make it easy to use Dogecoin as conventional money but also aim to help the 1.7 billion people worldwide who don't have access to traditional banking. It shows Dogecoin's commitment to making positive changes in the financial world," he said.

X Payments Solution Fuels DOGE Push

The recent surge in interest in dog-themed tokens was sparked by growing adoption expectations within the cryptocurrency community, fueled by an @xpayments profile on the social application, X (formerly Twitter).

Over the past weekend, trading volumes for both DOGE and FLOKI soared by 200%, as per CoinGecko data.

This increase occurred in contrast to the generally lower trading volumes across the broader crypto market, which has been experiencing minimal volatility.

Additionally, futures tracking these tokens saw a significant rise in open interest, reaching a combined total of $430 million, up from $200 million, signaling increased betting on these cryptocurrencies.

Dogecoin, in particular, is known for its sensitivity to payment-related news from Elon Musk's ventures, including companies like X or Tesla TSLA.

Floki, named after Musk’s dog, tends to fluctuate based on speculative trades among midcap market participants.

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Will X Payments Integrate Dogecoin?

Since its creation late on Friday, the @xpayments account has quickly attracted over 100,000 followers.

Earlier in the year, X announced in a blog post its plans to introduce peer-to-peer payment capabilities within the application, with Musk hinting at the possible inclusion of cryptocurrencies.

While there hasn’t been any formal announcement regarding Dogecoin's potential role as a payment method, especially in comparison to Bitcoin BTC/USD or Ether ETH/USD, such speculations are not without basis.

In April 2023, Musk hinted at the possibility of integrating DOGE payments in a tweet, suggesting it as a payment option for Twitter Blue, the platform's subscription service offering premium features.

Additionally, Tesla, Musk's electric car company, has already implemented Dogecoin for merchandise purchases in the Tesla Store.

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