Dogecoin’s Value Soars by Around 4% as Ferrari Considers Accepting Cryptocurrency Payments
The value of Dogecoin, the popular meme-based cryptocurrency, experienced a surge of approximately 4%, reaching $0.090, after reports circulated that luxury sports car manufacturer Ferrari is considering accepting the digital currency for payments.
According to data from LunarCrush Pro analytics, Dogecoin’s social buzz has seen a significant increase, with its social dominance score soaring by 125% within just one week.
CoinMarketCap data reveals that the 24-hour trading volume for DOGE has skyrocketed by 143.1% to $804.86 million.
Ferrari has been exploring the potential of cryptocurrency payments in the United States since early October 2023. Enrico Galliera, the Chief Marketing and Commercial Officer of Ferrari, stated in an interview with Reuters that their intention is to expand these options to European markets. The luxury car manufacturer has partnered with BitPay for processing cryptocurrency transactions.
Spot trading volumes for Dogecoin have also experienced dramatic growth, reaching $500 million in the past day. Insightful data from IntoTheBlock indicates that approximately 64% of Dogecoin investors are currently making profits thanks to the coin’s impressive price surge. Additionally, Coinglass reported a 6.27% increase in Dogecoin open interest, summing up to a total of $601.73 million in the last 24 hours.
Renowned cryptocurrency analyst, Daan Crypto Trades, noted a rise in payments made with Dogecoin. Following an intriguing experiment, Daan has been directing all earnings from another cryptocurrency into Dogecoin, eagerly awaiting the future results and whether Dogecoin can attain its ambitious $1 target.
Just last week, the Dogecoin community commemorated the 14th birthday of Kabosu, the Shiba Inu dog who inspired the original Dogecoin meme. Created to add a touch of humor to the world of cryptocurrencies, Dogecoin was founded by Billy Markus and Jackson Palmer.
Dogecoin’s recent surge in price coincides with discussions surrounding its adoption for payments on a prominent platform, partly influenced by Elon Musk’s praise for the cryptocurrency on Twitter. Musk has publicly stated that Dogecoin is well-suited for transactions, even going as far as suggesting that it could be accepted at the Tesla Store for purchases.
At the time of reporting, DOGE was being traded at $0.088, marking a notable increase of 3.99% over the past 24 hours.
Analyst comment
Positive news. As Ferrari considers accepting Dogecoin for payments, the value of Dogecoin has surged by 4% to $0.090. This news has led to increased social buzz and trading volume for DOGE. Market analysts predict continued growth in the market as more companies consider accepting Dogecoin and investors make profits.
