1 year ago
Dogecoin (DOGE) roseate for the 2nd consecutive time arsenic speculations of the memecoin playing a bigger relation connected the newly-rebranded X platform, fuelled the rally.
CoinGecko data shows DOGE surged arsenic overmuch arsenic 10% to implicit 7.7 cents successful the past 24 hours, with trading volumes astatine $2.3 billion. Most of these volumes came from the South Korean speech UpBit – known for attracting speculative plays – against the Korean won trading pair.
Futures traders mislaid astir $10 cardinal betting connected and against dogecoin’s terms movements, Coinglass data shows.
Analysts accidental Twitter, which rebranded to everything app X connected Monday, could soon judge doge tokens successful the coming months fixed proprietor Elon Musk’s seeming infatuation with the meme coin.
“The speculation is that advertisers could beryllium capable to wage DOGE for ads and for different uses connected Twitter,” Kryptomon Chief Marketing Officer Tomer Nuni explained to CoinDesk successful a Telegram message.
“We person seen the aforesaid happening erstwhile Tesla revealed the quality to wage for its goods with DOGE. So the speculation could beryllium astir Musk’s businesses and stakeholdings starting to judge crypto, arsenic Tesla does,” Nuni added.
Such speculations aren’t each unfounded. In April, Musk teased DOGE payments connected Twitter successful a tweet, proposing dogecoin arsenic 1 of the outgo options for Twitter Blue, the site’s subscription work with premium features.
Musk’s electrical car institution Tesla already accepts DOGE payments for merchandise purchases connected the Tesla Store, and a repetition could beryllium connected the cards.
As per a January report, Twitter is designing a strategy to licence payments done the societal media platform, and though billionaire proprietor Elon Musk wants it "first and foremost" to beryllium for fiat currencies, helium wants the quality to adhd cryptocurrencies later.
Edited by Parikshit Mishra.
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