Doge Soars as “XPayments” Account Sparks Rumors, Trader Makes Millions with Unethical Bribe

The dog days are over for Dogecoin (DOGE), at least for now. The meme-based cryptocurrency surged to a seven-day high on January 26th, fueled by two seemingly unrelated events: the creation of a mysterious “XPayments” account on social media platform X, and a controversial $7 million profit made by a trader using a dubious tactic.

X marks the spot for DOGE speculation?

The “XPayments” account appeared on X, a social media platform known for its focus on cryptocurrency and technology, and quickly amassed over 100,000 followers. While no official announcement has been made, speculation is rife that the account is linked to upcoming payment functionalities on the platform, and that DOGE could be one of the supported currencies. This speculation, fueled by occasional mentions of DOGE by X’s owner, Elon Musk, sent the Dogecoin price soaring by 10% in a single day.

Is the Dogefather back?

Adding to the excitement, Tesla CEO Elon Musk, a vocal supporter of DOGE, made a cryptic tweet on the same day, simply saying “X.” This further emboldened Dogecoin bulls, who interpreted it as a nod to the “XPayments” account and a bullish signal for the meme coin.

But is all that glitters DOGE really gold?

While the “XPayments” buzz provided a positive nudge, ethical concerns were raised by another event that contributed to DOGE’s price rise. A trader using a “sniping tool” known as Banana Gun managed to exploit a loophole in the launch of a new token called SatoshiVM (SAVM), making a staggering $7 million profit. The tool essentially allowed the trader to acquire tokens before the official launch at a much lower price, then sell them for a significant profit after the launch. While Banana Gun claims the exploit is not within their control, the incident highlights the ethical murkiness surrounding certain trading practices in the cryptocurrency space.

So, what’s next for Dogecoin?

The future of DOGE remains uncertain. The “XPayments” speculation might fizzle out if no concrete announcement is made, and the impact of the unethical trading exploit could dampen investor confidence. However, DOGE’s loyal community and its association with high-profile figures like Elon Musk continue to be driving forces. Whether this latest price surge is a sustainable rally or a short-lived pump remains to be seen, but one thing is for sure: the Dogefather’s bark still holds some bite in the cryptocurrency world.