Dogecoin (DOGE) has witnessed a remarkable two-day rally, driven by heightened speculation surrounding its potential integration on the recently rebranded “X” platform. According to data from CoinGecko, DOGE experienced an impressive surge of up to 10%, reaching a value of over 7.7 cents, with a staggering trading volume of $2.3 billion in the past 24 hours. The bulk of this frenzied trading activity was observed on the South Korean exchange UpBit, known for attracting speculative trades, especially against the Korean won trading pair.
Amidst this bullish frenzy, futures traders didn’t have the same fortune, facing significant losses totaling nearly $10 million as they attempted to bet on and against DOGE’s price movements.
Will X Welcome in DOGE?
Industry analysts are buzzing with anticipation, believing that DOGE may soon find itself with increased utility on Twitter’s rebranded platform, now simply called “X.” Speculation is rife that Twitter might embrace DOGE tokens for various purposes, including ad payments, in the coming months. This belief is further fueled by none other than the meme coin’s most famous fan and owner, Elon Musk.
Elon Musk’s public fascination with DOGE has added fuel to the fire of these speculations. The tech mogul previously hinted at the possibility of DOGE payments being incorporated into Twitter Blue, the site’s premium subscription service. Moreover, Tesla, Musk’s pioneering electric car company, has already embraced DOGE as a means of payment for merchandise, hinting at its potential for wider adoption.
Twitter’s Foray Into Payments
Reports from January suggest that Twitter is actively working on a payment system for its platform, and Musk has expressed a desire for it to initially support fiat currencies while keeping the door open to adding cryptocurrencies later on. This has further stoked excitement within the DOGE community about the coin’s possible integration on the platform.
Read More: The Death of Twitter? Musk’s Rebranding Could Wipe Out $20 Billion in Brand Value
DOGE’s Market Outlook
As of the latest data, DOGE is currently trading at $0.07747, reflecting a 3.24% increase in value over the past 24 hours. With a market cap of approximately $10.87 billion, Dogecoin holds the impressive rank of #7 in the global cryptocurrency market.
Related: Dogecoin Bulls in A Frenzy as Musk’s Twitter Move Sends Price Soaring
In the last 24 hours, Dogecoin has experienced a substantial surge in trading volume, amounting to an impressive 96.97%, with a total of $1,437,266,214 worth of DOGE being traded. The coin’s price range within the past day has been recorded at $0.07287 to $0.07798, demonstrating its dynamic movement.
Looking Ahead
With a market dominance of 0.93%, DOGE has established its position in the cryptocurrency market. As integration rumors continue to swirl and speculation surrounding its potential utility grows, the future of Dogecoin remains an intriguing story to watch. Investors and enthusiasts alike eagerly await any official announcements from Twitter and Elon Musk, which could potentially send DOGE on another spectacular upward trajectory.
