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The cryptocurrency Dogecoin (DOGE) has seen a notable rise in value, with its market capitalization now reaching an estimated $12 billion. This rise is largely due to anticipation of new utility functions and rumors suggesting potential integration into Elon Musk’s X Payments system.
The digital currency, often fueled by its vibrant community and high-profile backers, has seen mixed results in terms of its price action. However, a significant positive trend was seen on Saturday when Dogecoin saw a sharp rise of over 10%, from $0.078 to $0.090, amid the debut of Elon Musk’s Xpayments system. This rise correlates with data from CoinMarketCap which shows DOGE trading activity increased three-fold, reflecting market optimism.
Dogecoin’s association with Elon Musk, who has championed the meme-inspired cryptocurrency since 2019, continues to play an important role in its market movements. With Musk’s “everything app” strategy for X, peer-to-peer payments could soon include Dogecoin, aiming for deployment by mid-2024. The cryptocurrency community is abuzz with discussions about the possibility of DOGE becoming an X payment option following the company’s acquisition of currency operations licenses.
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