Dogecoin (DOGE) Surges 10.5% in 24 Hours, Sparking Interest from Investors
Dogecoin (DOGE) has experienced a notable increase of 10.5% in the past 24 hours, catching the attention of market analysts and investors. This surge came after a period of little price movement, with the memecoin remaining steady around the $0.08 price range over the past week.
Popular Memecoin with a Massive Market Cap
With a market cap of $12.38 billion, Dogecoin ranks among the top players in the crypto space. The memecoin has gained its popularity through endorsements from various high-profile personalities, including Gene Simmons, Snoop Dogg, Mark Cuban, and Elon Musk, the world’s richest man.
Connection to Elon Musk’s X Payments Initiative
A recent se8veal link between the surge in DOGE’s price and Elon Musk’s social media platform, X, has come to light. On January 20th, X launched a dedicated account for its X Payments initiative, a peer-to-peer payment service aiming to enhance user utility and introduce new opportunities for commerce.
This move by X seems to have sparked investor enthusiasm, leading many to believe that Dogecoin may have a role in the new payment system upon its launch. The expectation is largely based on Elon Musk’s consistent support of Dogecoin since 2019, with Tesla, his notable company, already accepting DOGE as a payment option. It is speculated that the memecoin could play a similar role in X’s Payments project.
Potential Impact on DOGE Adoption
Incorporating Dogecoin into the X Payments system could result in significant gains for the memecoin in terms of adoption. X’s payment initiative has already received registration in 32 states of the United States and secured a money transmitter license in 10 of those states. However, it is important to note that there have been no official statements or indications that X Payments will indeed adopt DOGE as a settlement option upon its expected mid-2024 launch. Other cryptocurrencies, such as XRP and Stellar (XLM), are also being considered for the e-commerce feature of X.
Dogecoin Price Analysis
Currently, DOGE is trading at $0.0861, reflecting a 7.4% gain over the last seven and fourteen days. However, on the monthly chart, it is down by 7.5% and has shown minimal growth over the past year, with a Year-To-Date (YTD) gain of only 0.6%. Despite this, Dogecoin continues to hold its position as the 10th largest cryptocurrency, with a daily trading volume worth around $1.17 billion.
Analyst comment
Positive news: Dogecoin (DOGE) surges 10.5% in 24 hours, sparking interest from investors. Analyst perspective: The market for Dogecoin is likely to experience increased activity and potentially further gains as investors show interest in response to the surge. However, the impact of potential adoption in X Payments remains uncertain.
