The price of the popular Dogecoin memcoin (DOGE) has risen markedly over the past day, coinciding with the crypto community’s excitement around the launch of a special payment account on Elon Musk’s Platform X.

Early Saturday morning, DOGE rose 12.8 percent to hit a 7-day high.

The rally came shortly after X launched the ‘@XPayments’ account on Friday, which has already quickly racked up over 106,000 followers despite not having any posts yet. While X has not confirmed details about the account, the timing of its launch has spurred speculation that cryptoassets like DOGE could be integrated for payments.

X and its CEO Elon Musk have hinted many times that cryptocurrencies and DOGE could play a role on the platform. Back in late 2023, X’s cryptic meme featuring a dog was taken as a subtle signal by some members of the DOGE community. Musk has also authorized DOGE to pay for Tesla goods.

The tech billionaire has previously said he expects to launch X payments at some point in 2024. The company is ramping up its efforts in financial services, including applying for money transmitter licenses in several U.S. states last year.

With Musk advocating for DOGE and X’s payment plans accelerating, traders seem to be betting that memcoin could be part of the platform’s offering. Over the past year, X has shifted its focus to opening up monetization features to content creators.

While some crypto analysts believe that X may have recently cooled on cryptocurrency projects based on ad revenue trends, the price movement of DOGE this week shows that the market remains confident in the future of the asset if it partners with one of the most influential social platforms in the world.