$DOGE: Dogecoin Price Surges on Speculation Over Its Potential Use for Payments in X (Formerly Known As Twitter)

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In a fascinating crook of events, Dogecoin (DOGE), the cryptocurrency that started arsenic a meme and has since gained a cult following, precocious saw a 10% uptick successful its price.

According to information from TradingView, connected Coinbase, earlier contiguous (around 5:35 a.m. UTC), the DOGE terms deed a precocious of $0.07846, up 12.61% from its intraday debased of $0.06967 connected 22 July 2023.

Per a report by Cointelegraph, this terms surge coincided with a subtle tweak successful Tesla and SpaceX CEO Elon Musk’s Twitter bio pursuing the platform’s rebranding to “X”. Musk’s illustration determination present displays an “X” and a “D”, with the “X” alluding to Twitter’s caller individuality and the “D” wide interpreted arsenic a motion to Dogecoin, a cryptocurrency Musk has openly championed for the past fewer years.

Source: X

At this point, it is worthy mentioning that 4 years agone is erstwhile Musk archetypal declared his fondness for Dogecoin:

Dogecoin mightiness beryllium my fav cryptocurrency. It’s beauteous cool.

— Elon Musk (@elonmusk) April 2, 2019

And successful June 2022, Musk tweeted that helium would support supporting Dogecoin:

I volition support supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

The speculation astir Dogecoin’s imaginable aboriginal america successful X was stoked further by Real Vision CEO Raoul Pal, who projected that Musk mightiness leverage Dogecoin for planetary payments for creators connected the platform. Pal argued that Dogecoin could assistance Musk sidestep securities laws, thereby minimizing execution risk.

I volition support supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

According to a report by CoinDesk, portion Dogecoin was enjoying its infinitesimal successful the sun, futures traders of the cryptocurrency were dealt a hefty blow. They reportedly suffered losses to the tune of $10 million.

Tomer Nuni, Chief Marketing Officer astatine Kryptomon, shared his insights with CoinDesk via a Telegram message. He suggested that the speculation mightiness beryllium centered astir the anticipation of advertisers utilizing DOGE for ads and different applications connected Twitter. Drawing parallels with Tesla’s revelation of accepting DOGE for its products, Nuni speculated that businesses associated with Musk mightiness commencement embracing crypto, pursuing Tesla’s lead.

Featured Image by Kanchanara via Unsplash

Dogecoin's Price Surge Amid Speculation of Its Use successful X for Global Payments

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Disclaimer

The views and opinions expressed by the author, oregon immoderate radical mentioned successful this article, are for informational purposes only, and they bash not represent financial, investment, oregon different advice. Investing successful oregon trading cryptoassets comes with a hazard of fiscal loss.

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