The price of canine-themed meme coin Dogecoin (DOGE) jumped double digits Thursday to break past $0.22 for the first time since December 2021. The uptick comes amid speculation about DOGE’s use on Elon Musk’s social media giant X.
X Payment Integration Prospects
On March 28, the Dogecoin price hit as high as $0.2212, before settling at $0.2189 at publication time. The one-time joke cryptocurrency last hit 22 cents in December 2021.
DOGE’s price was up 18.8% from the previous day and has risen 40.2% over the past week, according to data from CoinGecko. This price action has seen Dogecoin outperform most of its top-ranking rivals, including Bitcoin and Ethereum (ETH) in a 24-hour timeframe. Dogecoin’s market cap of $31.4 billion places it as the ninth most valuable cryptocurrency.
DOGE started rebounding after its biggest proponent, billionaire Elon Musk, secured three more money transmitter licenses from Illinois, New Mexico, and Oregon in the United States to implement a payment feature on X.
Musk registered for licenses in over 30 states. He has been given the nod in 23 states so far. These licenses have been deemed bullish for Dogecoin amid increasing hopes that Musk will add DOGE to X’s forthcoming peer-to-peer payment functionality.
“Last year, Elon mentioned that the first phase of X Payments would not include crypto — I am not sure if this has changed now,” industry pundit Mishaboar postulated. But he suggests that Musk could integrate cryptocurrencies such as Dogecoin to X payments after partnering “with some exchanges or brokerage platforms.”
Earlier this month, Musk hinted at his openness to accepting DOGE as an official payment method for Tesla cars.
Adding to the bullish sentiment is the news that America’s largest crypto exchange, Coinbase, intends to launch futures trading products for DOGE as soon as April 1.
After successfully blasting through the $0.20 barrier, there is hope that Dogecoin could soon see a potential rise to the coveted $1 mark and higher levels.
