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Dogecoin market cap hits $12 billion amid X Payments speculation

EditorBrando Bricchi
Published 01/21/2024, 05:07 PM
Updated 01/21/2024, 05:07 PM
© Reuters

Cryptocurrency Dogecoin (DOGE) has witnessed a notable surge in value, with its market capitalization soaring to an estimated $12 billion today. The uptick is largely driven by the anticipation of new utility features and rumors suggesting a potential integration into Elon Musk’s X Payments system.

The digital currency, often fueled by its vibrant community and high-profile endorsements, has seen mixed results in its price performance. However, a significant positive trend was observed on Saturday as Dogecoin notched a sharp rise above 10%, climbing from $0.078 to $0.090, amid the debut of Elon Musk’s Xpayments. This correlated with a CoinMarketCap data showing a threefold rise in DOGE's trading activity, indicative of market optimism.

Dogecoin’s association with Elon Musk, who has been an advocate for the meme-inspired cryptocurrency since 2019, continues to play a significant role in its market movements. With Musk’s "everything app" strategy for X, peer-to-peer payments may soon include Dogecoin, aiming for roll-out by mid-2024. The cryptocurrency community is abuzz with talk of DOGE becoming an X payment option following the company’s acquisition of money operations licenses.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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