Dogecoin price doubles amid rumours Elon Musk will add crypto to X

The price of dogecoin has doubled in the last month amid rumours that it could soon be integrated into Elon Musk’s X platform.

The tech billionaire, who is a vocal advocate of the meme-inspired cryptocurrency, has previously spoken of his plan to build an “everything app” that incorporates messaging, marketplaces and online payments.

On Monday, he shared an animation from X user DogeDesigner showing his former payments platform X merging with the social media app he took over in 2022.

“The circle will be complete,” he commented.

In January, X launched a dedicated payments account having secured money-transmitting licences in the US.

Both SpaceX and Tesla already support dogecoin payments, while previous comments made by Mr Musk have led to price spikes for the cryptocurrency.

Mr Musk, who claims to own an undisclosed amount of dogecoin, said in 2021 that he believed it has the potential to become a major online currency due to its ease-of-use and efficiency.

He also said it could become the official currency on Mars if SpaceX is able to establish a permanent human colony there.

“The most entertaining outcome is often the most likely,” Mr Musk said during a Q&A session on the app Clubhouse in 2021. “Arguably, the most entertaining outcome, and the most ironic outcome, would be that dogecoin becomes the currency of Earth in the future.”

These comments, alongside a high-profile endorsement during his appearance as the host of Saturday Night Live, helped push dogecoin to a record price high above $0.70 that year.

The latest price rally for dogecoin comes amid a record-breaking run for the crypto market that has seen bitcoin reach a new all-time high this month.

The meme-inspired cryptocurrency rose above $0.17 on Monday, taking its total market cap above $25 billion.

The price surge means dogecoin is now the world’s eighth most valuable cryptocurrency, having overtaken Cardano (ADA) and Avalanche (AVAX) in recent days.

Despite the large gains, dogecoin makes up less than 0.1 per cent of the overall crypto market, which swelled above $2.5 trillion over the weekend following modest price increases for bitcoin (BTC) and Ethereum (ETH).

Dogecoin’s price has been boosted by rumours that Elon Musk plans to integrate the cryptocurrency as a method of payment for X, formerly Twitter.

Be the first to comment

Leave a Reply

Your email address will not be published.