Dogecoin’s market capitalization has surpassed the $12 billion level. This is in the midst of rumours that the token would be a part of Elon Musk’s X Payments, which was introduced on X. An increase in the token’s exchange worth has also been brought about by a new utility function and possible integration. The last time it was traded, it was for $0.090, up from $0.078. The market capitalization appears to be robust even though the token value only fluctuated by 1.61% for a brief period of time.
The increase in trading activity of the token led to a rise in market capitalization, demonstrating the community’s optimism for Dogecoin.
To restate, there has not yet been an official announcement on the anticipated merger of DOGE with X’s payment system. Musk has frequently backed the meme-inspired token, but it hasn’t prevented the community from supporting it.
Two things propel cryptos: endorsements and a thriving community. Elon Musk’s support for the merger with Xpayment is one of the reasons why there is increasing expectation for it. Since 2019, he has been recognized as a DOGE supporter. At this point, Musk is trying to turn X into a single platform. This includes enabling users to transfer money to their peers by utilizing the platform’s features.
To reiterate, there has been no formal announcement on the planned combination of X’s payment system with DOGE. The community has continued to accept the meme-inspired token despite Musk’s repeated endorsements of it.
Cryptos are driven by two factors: a vibrant community and endorsements. One of the reasons why expectations for the merger with Xpayment are rising is Elon Musk’s backing for it. He has been acknowledged as a DOGE supporter since 2019. Musk is currently attempting to unify X into a single platform. This involves giving users the ability to use the platform’s capabilities to send money to their peers.
Given that the values of ETH and BTC have also decreased, the recent decline in the value of DOGE is somewhat of a cascading effect. The price at which BTC is traded is less than $42,000, while the price of ETH has fallen below $2,500. They are valued at $41,021.31 and $2,422.49, respectively, with the USD.
The fact that the decrease occurred after the SEC approved 11 applications for the Bitcoin ETF has startled cryptocurrency fans. Enthusiasts and holders anticipated a spike, particularly if Bitcoin approached its all-time high. By the end of this year, it is still anticipated to happen. Additionally, the halving of Bitcoin may greatly accelerate the token’s growth.