Dogecoin, the prominent dog-themed meme coin, spiked nearly 12% on Saturday following the buzz around the newly established XPayments account on Twitter (aka X). It’s the highest daily spike for the top meme coin since April 3, 2023.

The excitement around the @xpayments account, despite its lack of posts and no confirmation from Twitter or owner Elon Musk about the planned payment functions, are just another example of the speculative nature of cryptocurrency markets.

Elon Musk previously mentioned his intentions of turning X into a “super app” with payment capabilities, but he has not confirmed anything about the use of Dogecoin or the imminent implementation of the broader payments feature just yet. However, traders are eagerly anticipating the integration of Dogecoin into Musk’s business ecosystem, including potential applications for advertisements and other services on the social media platform.

Speculation around DOGE and Twitter boosted the price of Dogecoin by 16% on Saturday, according to CoinGecko, as the coin reached a weekly peak of $0.09. The spike cooled throughout the day, leading Dogecoin to close at $0.0877 with just shy of a 12% daily jump.