Dogecoin, the meme-inspired digital currency, witnessed a 40% surge, achieving its highest value since 2021, trading at $0.22. This surge is fueled by speculation about its potential use on Elon Musk-owned platforms.
Amidst this, the Dogecoin market cap soared to $31 billion, surpassing Cardano, and now aims to overtake XRP, who’s currently sitting at 6th position.
While, investors are closely watching Dogecoin’s surge, which has risen by over 10% in the past 24 hours alone. This surge is attributed to ongoing bullish market sentiment & the speculation regarding Dogecoin’s potential use as a payments-related integration at any Elon Musk-owned company, such as X or Tesla.
Recently, a member of the X team teased that “2024 will be the year of X Payments,” sparking anticipation within the crypto community that DOGE could potentially become a payment option on the platform. This excitement coincides with recent developments, as X has obtained licenses for money transmitter activities in several U.S. states over the past few weeks.”
Given Elon Musk’s self-love for Dogecoin, the possibility of integration into platforms like X for content monetization or donations appears increasingly plausible.
Following its impressive price surge, Dogecoin now boasts a market cap of $31.07 billion, positioning it as the eighth-largest asset by market capitalization. The coin now has its sights set on surpassing XRP, which currently holds the sixth position with a market cap of $34 billion.
However, Dogecoin must first overtake USDC, which currently holds a valuation of $32.2 billion. Meanwhile, to breach the XRP’s $34 billion market cap, Dogecoin’s price would need to surge to the $0.2366 price level.
Meanwhile, the recent breakout in Dogecoin’s price has marked the end of its Macro Downtrend and entered a new Macro Uptrend phase.
According to well-known crypto analyst Rekt Capital, achieving a monthly close above $0.20 could pave the way for Dogecoin to reclaim the $0.3 price level.
With transaction volumes surging from 1.22 billion to 9.20 billion within 48 hours, Dogecoin’s popularity within the cryptocurrency sector is on the rise, fueling optimism among investors.
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