Dogecoin (DOGE), the popular memecoin, saw a 5% increase, returning to multi-year highs that were previously reached earlier this month, following fresh speculations surrounding the long-awaited payments service on Elon Musk’s social app, X (formerly Twitter).

The surge was likely triggered by a tweet from Musk, which included a screenshot of Joe Rogan’s X profile. The post featured a dollar icon that seemed different from the platform’s tipping service, prompting speculation from users on X that it might be related to X Payments, a service that could enable money transfers.

Historically, Dogecoin’s price has been volatile, often reacting to news linked to Elon Musk’s ventures, particularly those involving payments. Musk has long been vocal about his ambition to transform X into an “everything-app,” which would include user-to-user payments. X Payments LLC, the entity behind this service, has already acquired money transmitting licenses across most U.S. states, except for New York.

Crypto enthusiasts are buzzing with speculation that once launched, X Payments could support transactions in digital assets, including Dogecoin, due to Musk’s long-standing support for the coin. Tesla, his electric vehicle company, already accepts DOGE for some merchandise purchases.

In the last 24 hours, Dogecoin advanced by 5.4%, outperforming Bitcoin (BTC), which remained relatively flat. DOGE’s value has skyrocketed by 190% in the past month and is now trading at its highest level since May 2021.