Dogecoin bets jump to $2 billion as price hits highest level since 2021
DOGE prices tend to move due to speculation about the token's use on X, the social media giant owned by Elon Musk.
Dogecoin (DOGE) hit its highest level since December 2021 on Thursday amid bullish sentiment and speculation over the use of the dog-themed meme coin on social media platform X.
The token tends to react to payments-related developments in any company owned by Elon Musk, such as X or Tesla, and several social media posts from prominent members of the Dogecoin community speculated about the token's use in commercial interest.
"Dear Dogecoin, now that the new payments arm of X on Thursday. “Earlier this month, Elon said that X is very close to getting a money transmitter license in California. Getting the license in New York will still take a few months,” he added.
CoinGecko data shows DOGE trading volume skyrocketed to $7 billion in the past 24 hours from an average of $3 billion earlier in the week, even as broader cryptocurrency volumes remained low. amidst little volatility.
Elsewhere, futures tracking the tokens saw open interest rise to nearly $2 billion on cryptocurrency exchanges from $1 billion on Monday, signaling increased bets on price volatility.
