"Hopefully it will go up again, is there anyone here who is still holding onto this dog?"
The largest memecoin Dogecoin (DOGE) finally managed to peak to its highest level since December 2021 at $0.22 amid bullish sentiment and speculation about dog-themed memecoins on social media platform X.
In addition to speculation about the use of tokens on X that may increase trading interest, DOGE tends to respond to developments regarding payments at any Elon Musk-owned firm such as X or Tesla and some social media posts from DOGE community members.
Following the new payment branch X was awarded many licenses in the US, many also speculated about the implementation of crypto payments in the platform, commented DOGE developer adding Elon Musk said X is very close to obtaining a money transmitter license in California.
While broader crypto volume remains lower, trading volume for DOGE appears to have seen a jump of up to $7 billion in the last 24 hours from $3 billion earlier this week.
Additionally, futures tracking the token saw open interest rise to nearly $2 billion across crypto exchanges from $1 billion last Monday indicating increased bets for price volatility.
According to X in January 2024, they plan to launch a peer-to-peer payment service this year, but it should be noted that there is still no official communication whether DOGE will be a payment option or not.
As of this writing, DOGE price has surged by 7.27% to $0.21 in the last 24 hours with a market capitalization of over $30 billion then recorded a 39.93% increase over the last week.
