Dogecoin Surges by 10.5% in 24 Hours
According to data from Coingecko, Dogecoin (DOGE) has experienced a significant increase of 10.5% within the last 24 hours, attracting the attention of market analysts and investors. Before this surge, DOGE had remained relatively stable around the $0.08 price range for most of the past week.
The Popularity of Dogecoin
Dogecoin holds a remarkable position in the crypto market with a market capitalization of $12.38 billion. The memecoin has gained popularity due to its endorsements from influential figures like Gene Simmons, Snoop Dogg, Mark Cuban, and Elon Musk, who is currently the world’s richest man.
DOGE’s Rise Related to X Payments
The recent increase in DOGE’s price seems to be connected to developments on Elon Musk’s social media platform X. On January 20, X launched a dedicated account for its X Payments initiative, which aims to improve user utility and introduce new opportunities for commerce.
The creation of the X Payments account has sparked expectations among investors regarding DOGE’s potential role in the payment system upon its launch. This expectation is mainly based on Elon Musk’s consistent support for Dogecoin and Tesla’s acceptance of DOGE as payment. However, there are no official statements confirming that DOGE will be adopted by X Payments.
Dogecoin Price Overview
Currently, DOGE is trading at $0.0861 with a 7.4% gain in the past seven and fourteen days. However, on the monthly chart, it has experienced a 7.5% decrease and minimal growth over the past year with a Year-To-Date (YTD) gain of 0.6%. Dogecoin ranks as the 10th largest cryptocurrency with a market cap of $12.38 billion and a daily trading volume of approximately $1.17 billion.
Hot Take: DOGE’s Future in X Payments
The rise in Dogecoin’s price driven by its potential role in the X Payments project demonstrates the influence of Elon Musk’s support. While there are no official indications that DOGE will be adopted, the incorporation of cryptocurrencies like DOGE, XRP, and Stellar in X’s e-commerce feature could have significant implications for their adoption and value.
By
By
By
By
By
By