Dogecoin (DOGE) Surpasses 2021 Highs, Aims for $0.3 amid Memecoin Season
Dogecoin, the cryptocurrency inspired by memes, experienced a significant surge of 40%, reaching its highest value since 2021 at $0.22. This surge in price is primarily driven by speculation surrounding its potential use on platforms owned by Elon Musk.
Additionally, the market cap of Dogecoin has soared to $31 billion, surpassing Cardano, and now aims to surpass XRP, currently sitting at the 6th position in terms of market capitalization.
Investors are closely monitoring Dogecoin’s surge, which has risen by over 10% in the past 24 hours alone. This increase is attributed to bullish market sentiment and speculation about Dogecoin’s potential integration as a payment option on Elon Musk-owned companies such as X or Tesla.
Recently, a member of the X team hinted that “2024 will be the year of X Payments,” generating excitement within the crypto community about the possibility of DOGE becoming a payment option on the platform. This anticipation aligns with recent developments, as X has obtained licenses for money transmitter activities in multiple U.S. states.
Considering Elon Musk’s fondness for Dogecoin, the integration of the cryptocurrency into platforms like X for content monetization or donations seems increasingly likely.
Following its remarkable price surge, Dogecoin now boasts a market cap of $31.07 billion, ranking it as the eighth-largest asset by market capitalization. The coin has set its sights on surpassing XRP, which currently holds the sixth position with a market cap of $34 billion.
However, before overtaking XRP, Dogecoin must first surpass USDC, which has a valuation of $32.2 billion. To exceed XRP’s $34 billion market cap, Dogecoin’s price would need to surge to the $0.2366 level.
Moreover, the recent breakout in Dogecoin’s price indicates the end of its Macro Downtrend and the beginning of a new Macro Uptrend phase. Rekt Capital, a well-known crypto analyst, suggests that if Dogecoin achieves a monthly close above $0.20, it could pave the way for a return to the $0.3 price level.
With transaction volumes surging from 1.22 billion to 9.20 billion within 48 hours, Dogecoin’s popularity in the cryptocurrency sector is increasing, fueling optimism among investors.