Dogecoin, also known as DOGE, has taken the lead in the cryptocurrency market, with its total volumes skyrocketing to $9.2 billion. This surge in digital currency can be attributed to the recent speculation about integrating Dogecoin into the social media platform X, owned by the renowned tech executive Elon Musk.
The excitement surrounding the potential integration of Dogecoin on X has propelled the cryptocurrency to new heights. In a single day of round-the-clock trading, DOGE reached a record high of 22 cents, marking a remarkable 17 percent surge. While other cryptocurrencies like Bitcoin have remained relatively stable, with Bitcoin trading close to $70,000, Dogecoin continues to make waves with its dramatic rally.
The sharp increase in DOGE’s price is largely driven by bullish investors who see the potential of using the cryptocurrency on the X platform. Clues from Musk’s social media posts, especially from influential community members, hint at X taking over and utilizing Dogecoin for payments. The Dogecoin engineer himself has expressed excitement about the adoption of crypto payments on the platform and recent advancements in X’s payment technology, including obtaining more licenses in America.
These significant movements in trade volume demonstrate the growing number of investors and enthusiasts who are eagerly awaiting the acceptance of their preferred digital coin, DOGE, on X. In the last 24 hours alone, the market value of DOGE reached $7 billion, surpassing its average level of around $3. This surge in trading volume is also reflected in the open interest in futures contracts tracking the price of Dogecoin, which has reached a value of approximately $2 billion on the exchanges that trade them.
Elon Musk’s influence and previous endorsement of Dogecoin have further fueled speculation about its integration on X. Musk, who acquired X in 2021, has been a vocal supporter of Dogecoin, often expressing his favor for the cryptocurrency through public statements and tweets. In fact, Musk’s electric car company, Tesla, has been accepting DOGE payments for merchandise purchases since 2021, solidifying his association with the cryptocurrency.
The recent surge in betting activity and price of Dogecoin can be attributed to the speculation surrounding its integration on the X platform. The bullish sentiment surrounding DOGE, combined with Elon Musk’s influence and previous endorsement, has propelled the cryptocurrency to new heights. As the crypto community eagerly awaits further developments regarding Dogecoin’s use on X, market dynamics and sentiment are closely monitored to anticipate potential impacts on price.
