The dogecoin (DOGE) price surged to its highest level since December 2021 on Thursday, with trading volumes and futures open interest rising significantly.
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Several posts from prominent Dogecoin community members on X speculated about the token's implementation on the platform, especially in relation to a new payment branch being awarded more licenses in the U.S.
Dogecoin {{DOGE}} surged to its highest since December 2021 on Thursday amid bullish sentiment and speculation about the use of the dog-themed meme coin on the social-media platform X.
DOGE exchanged hands at 22 cents in European afternoon hours, a 17% gain over 24 hours. The broader market was little changed, with bitcoin {{BTC}} steady at around the $70,000 level and the broad-based majors index CoinDesk 20 showing no change.
The token tends to react to payments-related developments at any Elon Musk-owned company, such as X or Tesla, and several social-media posts from prominent Dogecoin community members speculated about the tokenโs usage on X, likely fueling trading interest.
โDear #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,โ Dogecoin developer @@mishaboar said in an X post Thursday. โEarly this month, Elon said X is very close to landing a money transmitter license in California. Getting the license in NY will still take a few months,โ he added.
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 thisโฆ
โ Mishaboar (@mishaboar) March 27, 2024
CoinGecko data shows that trading volume for DOGE shot up to $7 billion in the past 24 hours from an average of $3 billion earlier in the week, even as broader crypto volumes remained lower amid little volatility.
