Dogecoin (DOGE) experienced a consecutive two-day rise driven by speculation surrounding its potential role on the newly-rebranded X platform. According to CoinGecko data, DOGE surged by up to 10%, reaching over 7.7 cents, with a trading volume of $2.3 billion in the past 24 hours. Much of this trading activity was observed on the South Korean exchange UpBit, which is known for attracting speculative trades, particularly against the Korean won trading pair.
However, futures traders faced significant losses, totaling nearly $10 million, as they bet on and against DOGE’s price movements, as indicated by Coinglass data.
Analysts believe that DOGE may gain increased utility on Twitter’s rebranded platform, now called “X.” Speculation is rife that Twitter could potentially accept DOGE tokens for various purposes, including ad payments, in the coming months. Owner Elon Musk’s interest in the meme coin has fueled these discussions.
Musk had Earlier Hinted Incorporation of DOGE
For instance, Musk previously hinted at the possibility of DOGE payments on Twitter Blue, the site’s subscription service with premium features. Moreover, Tesla, Musk’s electric car company, already accepts DOGE for merchandise purchases, hinting at the potential for wider adoption.
Reports from January suggest that Twitter is designing a payment system for its platform, with Musk expressing a desire for it to initially support fiat currencies while keeping the option open to add cryptocurrencies later on.
DOGE is currently trading at $0.07747, marking a 3.24% increase in the last 24 hours. The current market cap of Dogecoin stands at approximately $10.87 billion, placing it at rank #7 in the global cryptocurrency market.
In terms of trading volume, Dogecoin has seen a substantial surge of 96.97% in the last 24 hours, with a total of $1,437,266,214 worth of DOGE traded. The 24-hour low and high for Dogecoin are $0.07287 and $0.07798, respectively, demonstrating the coin’s price range within the past day. Dogecoin’s market dominance is currently at 0.93%, indicating its share of the total cryptocurrency market.
