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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Dogecoin (DOGE) Up By 11% As X Launches Dedicated Payment Account

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Dogecoin

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According to data from Coingecko, Dogecoin (DOGE) has soared by 10.5% in the last 24 hours, drawing much attention from market analysts and investors alike. Prior to this gain, the memecoin had shown little price movement, hovering around the $0.08 price region for most of the past week. 

Dogecoin ranks as one of the top players in the crypto ecosystem, with a staggering market cap of $12.38 billion. The meme coin is particularly popular for its endorsements by famous figures such as Gene Simmons, Snoop Dogg, Mark Cuban and the world’s richest man Elon Musk.

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Behind’s DOGE Rise

Interestingly, the current rise in DOGE’s price appears to be related to recent developments on Elon Musk’s social media platform X. On January 20, X launched a dedicated account for its X Payments initiative, a peer-to-peer payment service designed to enhance “user utility” and introduce “new opportunities for commerce”.

DOGE

Source: X

The X Payments project was initially announced on January 9 as part of Elon Musk’s grand plan to position X as the “everything app”, providing a single interface which caters to user needs in terms of social media, advertising, content and video promotion, among others.

DOGE’s reaction to the creation of the X Payments account is driven mainly by the potential role many investors believe the token may play in this payment system upon launch. Such expectations are mostly based on Elon Musk’s vocal and consistent support of the meme coin since as far back as 2019. Tesla, one of Elon Musk’s more valuable companies, already accepts payment in Dogecoin, and there are speculations the crypto asset could adopt a similar role in the X Payments project. 

The potential of such incorporation could spell massive gains for DOGE in terms of adoption. According to X, its payment initiative is now registered in 32 states of the United States, securing a money transmitter license in 10. 

However, it is worth stating that there are no statements or hints from credible officials that X Payments will indeed adopt DOGE as a settlement option following its expected launch in mid-2024. Alongside the memecoin, other cryptocurrencies being propped to act as payment options in X’s e-commerce feature include XRP, and Stellar (XLM), among others. 

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Top Analyst Anticipates Dogecoin Surge To $0.10, But There’s A Catch

1 year ago

Dogecoin Price Overview 

At the time of writing, DOGE trades at $0.0861, reflecting a 7.4% gain in the last seven and fourteen days. On the monthly chart, DOGE is down by 7.5% and has barely shown any growth in the last year, with a Year-To-Date (YTD) gain of 0.6%. As earlier stated, Dogecoin boasts of a market cap of  $12.38 billion, making it the 10th largest cryptocurrency. In addition, the memecoin’s daily trading volume is valued at around $1.17 billion.

DOGE

DOGE trading at $0.08584 on the daily chart | Source: DOGEUSDT chart on Tradingview.com
Featured image from Binance Academy, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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