Dogecoin (DOGE) Up By 11% As X Launches Dedicated Payment Account
21 Janeiro 2024 - 7:50AM
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According to data from Coingecko, Dogecoin (DOGE) has soared by
10.5% in the last 24 hours, drawing much attention from market
analysts and investors alike. Prior to this gain, the memecoin had
shown little price movement, hovering around the $0.08 price region
for most of the past week. Dogecoin ranks as one of the top
players in the crypto ecosystem, with a staggering market cap of
$12.38 billion. The meme coin is particularly popular for its
endorsements by famous figures such as Gene Simmons, Snoop Dogg,
Mark Cuban and the world’s richest man Elon Musk. Related Reading:
Dogecoin To See 24% Rally To $0.100 If This Holds: Analyst Behind’s
DOGE Rise Interestingly, the current rise in DOGE’s price appears
to be related to recent developments on Elon Musk’s social media
platform X. On January 20, X launched a dedicated account for its X
Payments initiative, a peer-to-peer payment service designed to
enhance “user utility” and introduce “new opportunities for
commerce”. Source: X The X Payments project was initially announced
on January 9 as part of Elon Musk’s grand plan to position X as the
“everything app”, providing a single interface which caters to user
needs in terms of social media, advertising, content and video
promotion, among others. DOGE’s reaction to the creation of the X
Payments account is driven mainly by the potential role many
investors believe the token may play in this payment system upon
launch. Such expectations are mostly based on Elon Musk’s
vocal and consistent support of the meme coin since as far back as
2019. Tesla, one of Elon Musk’s more valuable companies, already
accepts payment in Dogecoin, and there are speculations the crypto
asset could adopt a similar role in the X Payments project.
The potential of such incorporation could spell massive gains for
DOGE in terms of adoption. According to X, its payment initiative
is now registered in 32 states of the United States, securing a
money transmitter license in 10. However, it is worth stating
that there are no statements or hints from credible officials that
X Payments will indeed adopt DOGE as a settlement option following
its expected launch in mid-2024. Alongside the memecoin, other
cryptocurrencies being propped to act as payment options in X’s
e-commerce feature include XRP, and Stellar (XLM), among
others. Related Reading: Top Analyst Anticipates Dogecoin
Surge To $0.10, But There’s A Catch Dogecoin Price Overview
At the time of writing, DOGE trades at $0.0861, reflecting a 7.4%
gain in the last seven and fourteen days. On the monthly chart,
DOGE is down by 7.5% and has barely shown any growth in the last
year, with a Year-To-Date (YTD) gain of 0.6%. As earlier
stated, Dogecoin boasts of a market cap of $12.38 billion,
making it the 10th largest cryptocurrency. In addition, the
memecoin’s daily trading volume is valued at around $1.17 billion.
DOGE trading at $0.08584 on the daily chart | Source: DOGEUSDT
chart on Tradingview.com Featured image from Binance Academy, chart
from Tradingview
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