Trading volume for Dogecoin doubles as market reacts to speculation over X use

Dogecoin (DOGE) has led the way, with total volumes jumping to $2 billion as the coin price peaked in December 2021. This rise in digital currency is based on the recent public speculation about integrating the gem-inspired meme asset into social media platform X, owned by famous tech executive Mr. Elon Musk.

Doge Rockets to record high on X integration rumors

In the European afternoon session, DOGE made a record 22 cents, showing an incredible 17 percent surge in round-the-clock trading within a day. However, unlike the calm wave of the larger cryptocurrency sector, Bitcoin, being close to $70,000, and Dogecoin (DOGE) correlated with this scenario, it bravely continues to make waves with its dramatic rally. 

The sharp price surge of DOGE is largely due to the demand from bullish investors interested in the prospect of the DOGE being used on the X platform. The rumor of X taking over is on his social media posts, mostly from community members with much influence. 

These hints can reveal that Dogecoin’s payloads can likely be used to make payments within X. The announcement was made on Twitter by the Dogecoin engineer on X, where he noted the excitement surrounding the adoption of crypto payments on the platform, citing recent developments in the X payment technology, such as obtaining more licenses in America. 

Dear #Dogecoin, with X's new payment branch being awarded more licenses in the U.S., many are speculating about the implementation of crypto payments in the platform.

Last year, Elon mentioned that the first phase of X Payments would not include crypto – I am not sure if this…

— Mishaboar (@mishaboar) March 27, 2024

These movements in the trade volume are spectacular, as the DOGE market value was $7 billion only within the last 24 hours, and its average level was about $3 Such a sharp rise in trading volume manifests the growing number of investors and enthusiasts lining up for their preferred digital coin, DOGE, to be accepted by X. 

Also, open interest in futures contracts tracking the price of dogecoin has risen to about $2 bln in value on the exchanges that trade them, signifying people’s interest in their price fluctuations.

Elon Musk’s influence and previous endorsement of Dogecoin

Elon Musk’s endorsement of the cryptocurrency has amplified speculation regarding Dogecoin’s integration on X. Musk, who acquired X in 2021, has been known for supporting Dogecoin, often making public statements and tweets in its favor. 

Musk’s electric car company, Tesla, has been accepting DOGE payments for merchandise purchases since 2021, further cementing his association with the cryptocurrency.

Dogecoin’s recent betting activity and price surge are driven by speculation surrounding its potential integration on the X platform. The bullish sentiment surrounding DOGE and Elon Musk’s influence and previous endorsement has propelled the cryptocurrency to new heights. As the crypto community eagerly awaits further developments regarding Dogecoin’s use on X, the market closely monitors the situation, anticipating potential impacts on price dynamics and market sentiment.