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Dogecoin Price Surges by 10%
The price of the popular meme cryptocurrency Dogecoin has experienced a significant surge of 10% in the past day, reaching $0.20 for the first time since December 2021. According to data from CoinGecko, Dogecoin is currently valued at $0.2038, marking a 10.8% increase within a single day and a 34.6% increase over the course of the week.
December 4, 2021, was the last time Dogecoin reached the $0.20 price point, as noted by the crypto price tracker. Despite this recent surge, the cryptocurrency is still a considerable distance away from its all-time high price of $0.73, achieved in May of the same year during the peak of the crypto bull market.
Recent Developments
The uptick in Dogecoin’s price comes shortly after reports surfaced regarding the potential integration of Dogecoin payments on the social media platform Twitter. While there were indications that this feature might be in the works, it was later clarified that no official functionality had been enabled, suggesting that the information may have been a result of an artificial intelligence error.
In response to these speculations, Dogecoin developer Mishaboar shared thoughts on the feasibility of crypto payments on Twitter, suggesting that such a integration could happen sooner than anticipated. However, he cautioned that any implementation would likely not occur until the following year, despite existing support for cryptocurrency payments by services such as PayPal.
Elon Musk’s Involvement
Elon Musk, the prominent figure behind Tesla and SpaceX, has expressed interest in expanding Twitter’s offerings to include payment features. Musk envisions transforming the platform, now rebranded as X, into a versatile “super app” with integrated payment capabilities. Earlier this year, a Twitter account under the name @XPayments was launched to potentially facilitate these functionalities.
While Musk has demonstrated support for Dogecoin in the past and engaged with its community of developers, he has not officially confirmed whether the meme cryptocurrency, or any digital asset for that matter, would be part of Twitter’s planned payment features. Musk has previously hinted at the possibility of Dogecoin being utilized for Twitter’s premium subscription service, Twitter Blue, and has collaborated with Dogecoin developers on various occasions.
Reports from the Financial Times have suggested that Musk’s vision for Twitter’s payment service primarily revolves around traditional fiat currencies, with the possibility of incorporating crypto functionality at a later stage. This aligns with Musk’s broader strategy of exploring innovative solutions at the intersection of technology and finance.
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