Dogecoin (DOGE), one of the most popular meme-based cryptocurrencies, hit a three-year high of $0.48 on November 23. This is a 27% rise in the past week and a 236% surge for the last month. The price surge has put the meme coin third on the list of most traded cryptocurrencies, with about $19.5 billion in trading volume in the last 24 hours.
Elon Musk Sparks Speculation
The recent increase has been fueled by a 27% rise earlier in the week, which has taken DOGE's price approximately to where it last traded in 2021. Speculation surrounding the social media platform X, associated with Elon Musk, appears to be the primary factor influencing this notable increase.
The buzz started when Musk shared a screenshot of Joe Rogan’s X profile with a new dollar icon. This icon is distinct from the platform’s tipping feature, which has led many to theorize it could mean X Payments is on the way.
