Dogecoin, the cryptocurrency inspired by the famous Shiba Inu dog meme, is showing a sharp rise in price today. Indeed, it has increased by about 5% in the last 24 hoursreflecting the trends observed in the cryptocurrency market.
Today, two elements seem to be behind the latest surge in the price of Dogecoin: X and Grayscale Investments.
According to a CoinTelegraph article, X has obtained a money transmission license with Rhode Island regulators, which will allow it to offer payments in cryptocurrencies to its users. The news began to spread on the networks on August 29.
X, is of course led by Elon Musk, a strong supporter of Dogecoinwhich he often refers to as “people’s cryptocurrency”. He regularly posted messages on Twitter promoting or joking about Dogecoin, which had a significant impact on its price.
Today, the acquisition of a crypto license by X aroused the enthusiasm of Dogecoin supporters, who interpreted this as a sign that X may soon integrate Dogecoin as a payment option on its platform.
The other element that seems to have contributed to the increase in the price of Dogecoin is the announcement made by Grayscale Investments, the largest digital asset manager in the world, who won a court battle against the United States Securities and Exchange Commission (SEC).
Grayscale Investments is a company that offers institutional and retail investors to buy units of its funds, which hold cryptocurrencies like Bitcoin, Ethereum, Litecoin or Bitcoin Cash. These shares are traded on the secondary market, often at a premium to the true value of the underlying assets.
Grayscale Investments won a federal court case that ordered the SEC to reconsider its refusal to approve the request of Grayscale Investments to convert its Bitcoin Trust into an exchange-traded fund (ETF) on spot bitcoin. This victory has revived hopes that an ETF on spot Bitcoin in the United States becomes a reality.
The price of bitcoin jumped nearly 8% on Judgment Daytaking with it the other digital assets, in particular the Dogecoin which remains strongly correlated to Bitcoin with a coefficient of correlation of 0.96.
Dogecoin price increases today thanks to X and Grayscale Investments, who have both expressed their interest and support for cryptocurrencies. Dogecoin also benefits from the general uptrend of the cryptocurrency market, which is driven by the bitcoin recovery and other digital assets.
In times of uncertainty surrounding DOGE, a brand new meme token called “ Shibie emerges by merging the worlds of Shiba Inu and Barbie.
Crucially, Shibie’s pre-sale campaign goal has been adjusted to $500,000, marking a half reduction from the original goal of $999,999.
Therefore, at the time of its launch, Shibie will show a market capitalization established at $833,000. This lower value stands out clearly other ongoing pre-sale campaigns in the field of cryptocurrencies. Therefore, it is entirely possible that the Shibie project will experience considerable growth as soon as it is introduced on trading platforms.
With a starting price of only $0.000167 per unitthe prospects for a dramatic increase of over of x10 in the short term look extremely promising. If the Shibie project arouses your interest, we invite you to explore the official website or join the active community on Twitter and Telegram.
Source: Coin Telegraph, Shibie, Trading View, Cryptonews