Popular meme coin Dogecoin DOGE surged by 5%, marking a return to multi-year highs. This movement comes amidst new speculations regarding Elon Musk's X app and its long-awaited payments service.

The catalyst for this price jump was a recent tweet by Musk, which displayed a screenshot of Joe Rogan's profile on the X platform. The post showcased a dollar icon that appeared distinct from the platform's standard tipping feature, prompting discussions among users about its potential link to X Payments.

Moreover, Musk confirmed the speculation when he replied "true" to the post.

The DOGE price has notably reacted to payment-related announcements at firms associated with Musk, including X, formerly known as Twitter. Musk has expressed ambitions to evolve the platform into an "everything-app," allowing monetary exchanges among users. X Payments LLC has also secured money transmitting licenses across most U.S. states, excluding New York.

Crypto aficionados speculate that once launched, this service could allow transactions using digital currencies such as DOGE, reflecting Musk's long-standing affinity for the token. His electric vehicle company, Tesla, currently accepts DOGE payments for select merchandise on its online store.

In the past 24 hours, DOGE advanced by 5.4%, outperforming stagnant bitcoin (BTC). The digital asset has witnessed a 190% increase over the last month, trading at its highest price point since May 2021.