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Dogecoin prices have reached their highest level since December 2021

Dogecoin prices have reached their highest level since December 2021

Mar 28, 2024

The popular meme coin continues to actively strengthen its position. During today's trading, the Dogecoin price reached the global high set at the end of 2021. Over the past 24 hours, the value of the coin has increased by more than 17%. Experts believe that this reaction is related to discussions about the possibility that DOGE will soon become a full-fledged payment method on social network X.

Elon Musk's strategic statements and changes in the payment policies of his companies (X and Tesla) have always resonated in the Dogecoin community. Several influential members of this community have expressed the opinion that the popular meme coin could be introduced into the X ecosystem. At the same time, Musk himself has never denied such possibilities, but has not directly confirmed them.

According to data from CoinGecko, the coin's trading volume has increased to $7 billion over the past 24 hours, significantly higher than the $3 billion average. Open interest on futures markets is also growing, and by the end of March 27 almost reached $2 billion. This provoked an increase in Dogecoin volatility and a significant increase in its value.

Rumors about the possible introduction of Dogecoin into X began back in 2021, when Elon Musk acquired the social network. Given his constant support for memecoin in public statements, the community's speculation seems quite reasonable.

It should also be noted that since 2021, users have the opportunity to pay for goods in the Tesla Store using Dogecoin.

At the moment, the coin’s capitalization exceeds $31.6 billion, and the coin itself is trading at a price of $0.2205. Considering the current technical dynamics of Dogecoin, it can be assumed that it has not yet exhausted its potential to further strengthen its position.


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