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On Thursday, the value of Dogecoin (DOGE) soared to its peak since December 2021, hitting 22 cents. This surge was fueled by heightened buying and selling volumes and hypothesis concerning its potential integration into the social media platform X, owned by Elon Musk. Varied posts from outstanding members of the Dogecoin group on X speculated concerning the token’s potential adoption on the platform, particularly contemplating a brand new cost department buying extra licenses in the US. This hypothesis contributed to bullish sentiment and buying and selling curiosity in DOGE.
The token’s worth tends to react to developments associated to funds at firms owned by Elon Musk, corresponding to X or Tesla. Elon Musk’s earlier endorsements of Dogecoin have additionally influenced its worth actions.
Buying and selling quantity for DOGE surged to $7 billion previously 24 hours, up from a mean of $3 billion earlier within the week. Futures monitoring the token additionally noticed open curiosity rise to almost $2 billion throughout crypto exchanges, indicating elevated bets on worth volatility.
Whereas hypothesis about DOGE’s utilization on X has been ongoing since Musk acquired the corporate in 2021, there was no official affirmation concerning whether or not DOGE can be accepted as a cost possibility on the platform. Nonetheless, Musk’s earlier statements and endorsements have fueled hypothesis concerning the potential integration of DOGE into X’s cost companies.
Total, the surge in DOGE’s worth and buying and selling exercise displays the continued affect of social media hypothesis and Elon Musk’s involvement within the token’s market dynamics.
Featured Picture: Freepik
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