Coin Edition -
- DOGE price soars to $0.2266, its highest since 2021, amid X platform integration rumors.
- Dogecoin’s 24-hour volume jumps 17%, hitting $5.86B.
- Futures tracking DOGE see open interest surge to $2B, indicating a rising bet on volatility.
In the last 24 hours, bullish momentum has had the upper hand in the Dogecoin (DOGE) market. After starting the day at a price of $0.1986, DOGE rallied to $0.2266, its highest level of since 2021. This surge comes amidst a backdrop of increasing transaction volumes and speculation surrounding the potential integration of Dogecoin on the social media platform X, owned by Elon Musk.
DOGE/USD 24-hour price chart (source: CoinStats)
The surge in Dogecoin’s price is accompanied by a 17% increase in trading volumes, reaching $5,869,996,594 within the past 24 hours, while its market capitalization surged by 6% to $5,869,996,594. This surge in trading activity signifies growing investor interest and participation in the DOGE market, fueling the upward momentum of the cryptocurrency.
Furthermore, futures tracking Dogecoin have witnessed a surge in open interest, climbing to nearly $2 billion across various crypto exchanges. This rise in open interest indicates increasing bets on price volatility and reflects the confidence of traders in the potential price movements of Dogecoin in the near term.
Speculation on X Integration and Elon Musk’s Influence
Speculation about the potential integration of Dogecoin on the social-media platform X has been circulating within the Dogecoin community, fueled by posts from prominent members discussing the token’s usage on the platform. Elon Musk’s endorsement of Dogecoin further amplifies this speculation, given his ownership of X and his previous support for the cryptocurrency.
Would you use $DOGE for tipping or payments on X? pic.twitter.com/RV0zKgsiC1— CEO (@Investments_CEO) March 29, 2024
The anticipation surrounding Dogecoin’s integration on X has contributed to the bullish sentiment surrounding the cryptocurrency, driving trading interest and pushing its price to new highs. However, there has been no suggestion from X regarding the implementation of Dogecoin as a payment option on the platform, leaving the speculation to fuel market dynamics.
Whale Activity and Market Performance
Amidst the bullish momentum, notable whale activity has been observed within the Dogecoin market. Large holders of Dogecoin, commonly referred to as whales, have made significant transactions. In one of the transactions, approximately 200,000,000 DOGE (equivalent to $43,026,934) was transferred from an unknown wallet to Robinhood.