Dogecoin is experiencing growth movements, with bets on DOGE skyrocketing to almost 2 billion dollars and the price of the crypto flying to $0.22, for the first time since 2021.
Dogecoin: bets on DOGE increase and the price of the crypto soars to $0.22
Strong enthusiasm in the Dogecoin house, which has seen betting on price volatility soar, with DOGE Futures Open Interest surpassing 2 billion dollars on March 29.
At the time of writing, on Coinglass, the Open Interest is reported to be 2.14 billion dollars, up by +5.98%.
The price of the crypto also seems to reflect the general mood. On this Friday, March 29th, DOGE is worth $0.21, but yesterday it managed to exceed $0.22, a price it hadn’t seen since November 2021.
During the general crypto bull run, which saw Bitcoin (BTC) reach its new all-time high above $73,000, the price of DOGE had only risen to $0.18. Now, DOGE is up +72% in the last month and +35% in the last seven days.
This Dogecoin result is reflected in the general sentiment which is “Extreme Greed”, (strong enthusiasm), as recorded by the Greed and Fear Index on DOGE.
Dogecoin Fear and Greed Index is 76 – Extreme Greed pic.twitter.com/rLGTB8iadv
— Doge Fear and Greed Index (@DogecoinFear) March 29, 2024
Dogecoin: bets on DOGE increase also thanks to speculation on crypto
Betting on DOGE and its increasing price are largely due to the speculation of using Dogecoin as a token on X, the social media giant owned by Elon Musk.
In this regard, the Dogecoin developer @mishaboar would have published a tweet that better describes the issue:
Dear #Dogecoin, with X’s new payment branch being awarded more licenses in the U.S., many are speculating about the implementation of crypto payments in the platform.
Last year, Elon mentioned that the first phase of X Payments would not include crypto – I am not sure if this…
— Mishaboar (@mishaboar) March 27, 2024
“Dear #Dogecoin, with the assignment to the new X payments branch of additional licenses in the United States, many are speculating on the implementation of cryptocurrency payments on the platform. Last year, Elon said that the first phase of X Payments would not include cryptocurrencies – I’m not sure if this has changed now. Earlier this month, Elon stated that X is very close to obtaining a money transfer license in California. It will still take a few months to obtain the license in New York.”
Basically, it seems that there is an association between Dogecoin and the payment license developments that any company of Elon Musk is obtaining, such as X or Tesla.
Not only that, in mid-March, Musk himself had shaken the crypto world by hinting that DOGE could be used to purchase Tesla cars in the future.
The hypothesis of using DOGE on X
The mention of using DOGE on X had already been made in January 2024, when a potential integration of DOGE in XPayments was hypothesized.
XPayments is a peer-to-peer payment service of the social network that however would have never officially announced that DOGE is a payment option.
Anyway, Musk, who took control of X in April 2023, has always been a supporter of Dogecoin.
