Dogecoin has returned to the 10-cent price mark amid a rally across the market. CoinGecko data The original memecoin is up 13.2% over the past 24 hours, 20.0% in the past week and almost 10% in comparison to the month before. Dogecoin’s (DOGE’s) rise also coincides with Elon Musk’s X, a social media platform that partners several cryptocurrency exchanges and stock markets. We’ll discuss the reasons why Dogecoin is on the rise.
Dogecoin Surges after Elon Musk’s X Partners With Exchanges
Elon Musk, a DOGE enthusiast from the United States of America, is one the largest DOGE fans in the world. Elon Musk has made DOGE payment possible for his business. In the past, his comments on DOGE led to price increases. Many DOGE supporters have been waiting for X’s Payment feature to add DOGE, particularly given Musk’s past endorsements of the memecoin.
X has partnered recently with several popular crypto exchanges like Gemini, Kraken and Coinbase in order to facilitate trading directly from the timeline. Musk’s preferred cryptocurrency Dogecoin, DOGE, has likely been riding on the wave of sentiment.
Musk’s SpaceX has also been working on a satellite funded by Dogecoin called DOGE-1. It is estimated that the satellite will reach orbit in 2027. He also said that he plans to place a Dogecoin in orbit on the moon.
This could result in a rise in investor confidence. X is used by hundreds of millions around the world. Dogecoin’s (DOGE) price could rise if crypto trading is launched on the platform. It is possible that the memecoin will even reach $1.
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Dogecoin (DOGE), the latest cryptocurrency to rally, is also part of a broader market rally. Bitcoin (BTC), the cryptocurrency, has regained its $85,000 price for the very first time since the beginning of the year. It is likely that the rise in market prices is due to oil’s recent drop. Nevertheless, it is still puzzling that the market rally comes in spite of two major bearish developments. This month, the US Senate rejected the CLARITY Bill and the Federal Reserve increased interest rates to combat rising inflation by 25 basis point. The cryptocurrency market hasn’t dropped as many expected.
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Source: watcher.guru
