Dogecoin’s (DOGE) price soared to unprecedented heights not seen since December 2021, driven by heightened trading activity and fervent speculation regarding its potential integration into Elon Musk’s social media behemoth, X. This surge in interest marks a significant milestone for the popular dog-themed cryptocurrency, emphasizing its growing relevance in the digital payment space.
Whilst DOGE is rising, IBET has beaten DOGE this week and is fast becoming an investor favorite. 50% weekly gains and the prediction that the IBET price will continue to rise at a quicker pace in April are attracting DOGE investors in their thousands.
Dogecoin Investors Delight as DOGE Rises
On Thursday, the value of Dogecoin spiked, reaching a remarkable 22 cents in the European trading session, reflecting a robust 17% increase within just 24 hours. This bullish trend in DOGE contrasts with the stagnant movements observed in the broader cryptocurrency market, including Bitcoin (BTC), which hovered around the $70,000 mark, and the major cryptocurrencies index, CoinDesk 20, showing no significant fluctuations.
The anticipation surrounding Dogecoin’s adoption on X, especially after developments related to the platform’s payment functionalities, has ignited investor interest. Prominent figures within the Dogecoin community on X, including developers and influencers, have been actively discussing the meme coin’s potential utility on the platform, particularly in light of X’s advancements in securing more payment-related licenses across the U.S.
A notable statement from a Dogecoin developer on X underscored the community’s excitement: “As X’s payment division secures additional licenses in the U.S., speculation grows about the introduction of Dogecoin and other cryptocurrencies for payments on the platform.” This sentiment was further amplified by Elon Musk’s hint at X nearing a money transmitter license acquisition in California, with New York’s approval anticipated to follow in the coming months.
According to CoinGecko, Dogecoin’s trading volume witnessed a dramatic increase, leaping to $7 billion in the last 24 hours from a weekly average of $3 billion, despite the broader crypto market experiencing subdued volatility. Moreover, futures contracts linked to Dogecoin exhibited a surge in open interest, escalating to nearly $2 billion from $1 billion at the week’s start, signaling a growing conviction in DOGE’s price movements.
The speculation over Dogecoin’s role on X has been a topic of intrigue since Elon Musk acquired the platform in 2021, bolstered by Musk’s well-known support for the meme coin. Tesla, Musk’s electric vehicle enterprise, has been accepting Dogecoin for merchandise transactions in the Tesla Store since 2021, further cementing DOGE’s position in the mainstream crypto dialogue.
DOGE Coin Investors Take Note of IBET ICO
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