DOGE Surges on X Integration Speculation

Dogecoin (DOGE) has surged to its highest value since December 2021, driven by a wave of bullish sentiment and speculation regarding its potential integration into the social media platform X. During European trading hours, DOGE reached 22 cents, representing a notable 17% increase within just 24 hours. In contrast, other major cryptocurrencies, including Bitcoin (BTC), remained relatively stable, with BTC maintaining its position around the $70,000 mark, and the CoinDesk 20 index indicating minimal fluctuations.

The surge in DOGE’s value is often attributed to developments in payments within companies owned by Elon Musk, such as X and Tesla. Speculation regarding DOGE’s potential utilization on X gained traction, fueled by social media posts from prominent members of the Dogecoin community. Notably, Dogecoin developer @@mishaboar pointed to discussions surrounding X’s payment branch obtaining additional licenses in the U.S., hinting at potential opportunities for the integration of crypto payments on the platform.

Trading activity surrounding DOGE experienced a significant uptick, with trading volume surging to $7 billion over the past 24 hours, compared to an average of $3 billion earlier in the week. Concurrently, futures markets tracking DOGE witnessed an increase in open interest, indicating a growing interest in price volatility among traders. The speculation regarding DOGE’s integration into X has persisted since Musk’s acquisition of the company in 2021, fueled by his public endorsement of the cryptocurrency.

While Tesla has been accepting DOGE payments for merchandise since 2021, X’s plans to launch a peer-to-peer payments service later this year have further fueled speculation. However, official confirmation regarding DOGE’s inclusion as a payment option on X is still pending. Despite the lack of official communication, the market remains optimistic about DOGE’s potential role within the X ecosystem, driving significant trading activity and price movements in recent days.

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