💰The price of Dogecoin ($DOGE ) surged to its highest level since December 2021 on Thursday, accompanied by a significant increase in trading volumes and futures open interest.
- Speculation within the Dogecoin community, particularly on the social media platform X, focused on the potential implementation of the token on the platform, especially with regards to a new payment branch receiving more licenses in the U.S.
- Dogecoin experienced its highest surge since December 2021 fueled by bullish sentiment and speculation surrounding its potential utilization on the social media platform X.
- DOGE traded at 22 cents during European afternoon hours, marking a 17% increase over 24 hours, while the broader cryptocurrency market remained relatively stable, with Bitcoin (BTC) hovering around $70,000 and the CoinDesk 20 index showing no change.
- Notable Dogecoin community members speculated about the token's potential usage on X and its reaction to payment-related developments within Elon Musk-owned companies like X and Tesla, stimulating trading interest.
- CoinGecko data revealed that Dogecoin's trading volume spiked to $7 billion in the past 24 hours from an average of $3 billion earlier in the week, despite lower overall cryptocurrency volumes amid minimal volatility.
- Futures tracking Dogecoin saw open interest rise to nearly $2 billion across cryptocurrency exchanges from $1 billion on Monday, indicating increased bets on price volatility.
- Speculation regarding Dogecoin's integration on X has been ongoing since Musk's acquisition of the company in 2021, driven by his endorsement of the token. Tesla has accepted DOGE payments for merchandise purchases in the Tesla Store since 2021.
- Although X announced plans to launch a peer-to-peer payments service in January, there has been no official communication regarding whether DOGE will be included as a payment option.#DOGE
#BTC #WIF