Illustration by Mitchell Preffer for Decrypt

The Bitcoin spot ETF hangover has dissipated, and the tall, frothy mug of Ethereum spot ETF buzz is still being poured, leaving a lot of space at the crypto bar for talking, arguing, and the occasional brawl.

We were probably overdue for an Elon Musk-related pump, and the eccentric tech mogul indirectly delivered on Monday when a new gold checkmark-toting Twitter account popped up with the username @XPayments. It was discovered shortly after Musk again teased that he was building “the everything app.”

Crypto Twitter was whipped into a frenzy over the possibility that the X app would support transactions in Dogecoin (DOGE) and Shiba Inu (SHIB)—a possibility conjured out of whole cloth, mind you—sending the two meme tokens skyrocketing. Dogecoin’s spike was the highest daily price since April 3, 2023, but still falls short of the $0.1 mark it achieved on its 10th anniversary last year.

Meanwhile, there were airdrops a plenty as projects jumped on the “free money” bandwagon, most offering incentives to both long-term true believers and crypto curious newbies. So prevalent were such token giveaways, however, that alarm bells over potential scams were nearly as plentiful.

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DeCrypt

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