Popular memecoin Dogecoin {{DOGE}} jumped 5%, returning to multi-year highs hit earlier this month following fresh speculations on Elon Musk-owned social app X's long-anticipated payments service. Apparently triggering the move was Musk posting a screenshot of podcaster Joe Rogan's X profile.

Dogecoin (CRYPTO: DOGE) experienced a 5% surge following a tweet by Elon Musk on X. This has sparked fresh speculations about the imminent payments service on Musk’s social app. What Happened: Musk’s Friday post,

Dogecoin investors who said Musk and his company Tesla committed fraud and insider trading are withdrawing their appeal from an August 29 dismissal of their case.

On Tuesday, President-elect Donald Trump picked Musk and biotechnology company founder Vivek Ramaswany to lead a new Department of Government Efficiency, whose acronym echoes dogecoin's name. The case is Gorog et al v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.

The masterminds behind the proposed government efficiency agency have provided more detail about how it would function. Their explanations only makes their enterprise seem less plausible.