7 months ago
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Popular doggy-themed cryptocurrency, Dogecoin, has recently experienced an exponential surge in its price value. Despite its previously sluggish price momentum, Dogecoin witnessed a massive $800 million increase in open interest over the weekend. Interestingly, a recent development indicates that Elon Musk’s X Payment LLC has greatly contributed to this price pump.
Why Dogecoin Price Rose 35%
Over the past 72 hours, the price of Dogecoin witnessed a 35% increase in its value, recording an impressive weekly high of $0.17 on Saturday. According to data from Santiment, a crypto analytics platform, the cryptocurrency has also witnessed a significant rise in open interest, skyrocketing by a remarkable $800 million in value.
This massive price surge has been attributed to a recent development in Elon Musk’s payment subsidiary, X Payments LLC. According to reports, X Payments has successfully expanded its operational capabilities to three new states. The platform has secured money transmitter licenses in Mexico, Oregon and Illinois.
Following the disclosure of this news, the sentiment surrounding Dogecoin had transformed, as speculations about the meme coin potentially becoming a preferred payment method for the X Payments began to spread like wildfire. At the time of writing the cryptocurrency is trading at $0.172, reflecting a 14.27% price increase over the past seven days, according to CoinMarketCap.
Interestingly, Dogecoin has already been integrated as a payment method within Musk’s Tesla merchandise store. In 2023, the SpaceX CEO also teased about the possibility of DOGE payments on X (formerly Twitter), pushing the broader crypto community on edge as they anticipated the potential inclusion of DOGE in the payments ecosystem.
Presently, as X Payments expands its services and possibly prepares for a launch, speculations are growing stronger, driving up Dogecoin’s price amidst the rising interest in the cryptocurrency’s potential integration with X Payments.
DOGE Whales On The Move
A recent report has revealed that an anonymous Whale made a substantial purchase of 25 million DOGE tokens, valued at $3.75 million, within the last 72 hours. The timing of this acquisition is particularly noteworthy as it aligns with the recent rise in Dogecoin’s price and open interest over the weekend.
The Whale’s purchase also coincides with X Payments expansion efforts into new regions, suggesting a potential shift in market sentiment as investors are now showing an elevated interest in DOGE. If Dogecoin becomes integrated as a payment currency within X Payments, the cryptocurrency could witness a significant boost in adoption, potentially attracting more whales and new investors and triggering a substantial price surge.
Featured image from CryptoRank, chart from Tradingview.com
