Crypto Traders Betting on DOGE’s Role on Twitter’s X Platform
Crypto traders are buying up Dogecoin (DOGE) in hopes that the meme coin will play a larger role on Twitter’s newly-rebranded X platform. The surge in DOGE’s price is fueled by speculations of Twitter accepting DOGE for ads and other uses, similar to how Tesla accepts the cryptocurrency for merchandise purchases. Trading volumes for DOGE reached $2.3 billion, with most of the volumes coming from the South Korean exchange UpBit. Futures traders lost nearly $10 million betting on and against DOGE’s price movements. Twitter has been designing a payment system that could potentially include cryptocurrencies, and Elon Musk’s interest in DOGE adds weight to the speculation.
Key Points:
- DOGE rose 10% to over 7.7 cents in the past 24 hours
- Trading volumes for DOGE reached $2.3 billion
- Speculations are fueled by Elon Musk’s interest in DOGE and his businesses potentially accepting crypto
- Twitter is designing a payment system that may include cryptocurrencies
- Futures traders lost nearly $10 million betting on DOGE’s price movements
Hot Take:
With the rise of DOGE and the speculation around its potential integration on Twitter’s X platform, crypto traders are eagerly buying up the meme coin. However, while the interest in DOGE is valid, it’s important to approach investments in cryptocurrencies with caution. The market can be highly volatile, and it’s crucial to conduct thorough research and make informed decisions. Keep an eye on the developments surrounding DOGE and Twitter, but remember to always invest responsibly.
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