Rally

X Payments

Bitcoin

Dogecoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/dogecoins-market-rally-surges-as-musks-payment-platform-licenses-increase" rel="noopener noreferrer nofollow">Dogecoin’s Market Rally Surges as Musk’s Payment Platform Licenses Increase</a><br></p>
<p style="text-align: justify">On March 28th, <a href="https://en.bitcoinhaber.net/the-struggle-of-dogecoin-can-the-meme-coin-reclaim-its-throne" rel="noopener noreferrer nofollow">Dogecoin</a> witnessed a notable surge in its price, hitting a peak of $0.21, marking its highest value since January of the previous year. This achievement placed the memecoin ahead of major cryptocurrencies such as <a href="https://en.bitcoinhaber.net/bitcoin-shatters-expectations-with-69000-peak-and-etf-surge" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://en.bitcoinhaber.net/ethereums-2024-roadmap-vitalik-buterin-outlines-key-priorities-for-evolution" rel="noopener noreferrer nofollow">Ethereum</a> in terms of 24-hour market performance. The factors contributing to Dogecoin’s rise are multi-faceted and merit a closer look.</p>
<h2 id="elon-musk-s-influence-propels-dogecoin">Elon Musk’s Influence Propels Dogecoin</h2>
<p style="text-align: justify">The increase in Dogecoin’s value is attributed to a broader market recovery, with a notable 79.5% rebound from its recent low. A significant driver of this uplift is Elon Musk’s activity, particularly his acquisition of additional money transmitter licenses for a new payment service associated with a social media platform. The anticipation of Dogecoin’s integration into this payment service following Musk’s past favorable stance towards the cryptocurrency is stirring positive market sentiment.</p>
<p style="text-align: justify">Throughout the previous year, Musk pursued money transmitter licenses across various states, obtaining 23 approvals thus far. Analyst Mishaboar weighed in but remained uncertain if Musk’s X Payments system will initially include cryptocurrencies. Regardless, Musk has previously indicated openness to incorporating cryptocurrencies such as Dogecoin in X Payments and even entertained the idea of accepting Dogecoin for Tesla purchases.</p>
<h2 id="dogecoin-futures-indicate-growing-optimism">Dogecoin Futures Indicate Growing Optimism</h2>
<p style="text-align: justify">The market’s optimism is also reflected in the trading of Dogecoin perpetual futures contracts, where the open interest reached a historic $1.77 billion, a level reminiscent of the 2021 Dogecoin rally. Additionally, the funding rate for these contracts suggests a positive outlook, potentially leading to increased purchasing and higher prices, as evidenced by recent trading patterns.</p>
<p style="text-align: justify">The current trading dynamics underscore a bullish investor outlook, expecting Dogecoin’s value to continue its upward trajectory. This sentiment is bolstered by high open interest and funding rates in futures contracts, which often presage rising buying pressure that could further propel the asset’s price.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/dogecoins-market-rally-surges-as-musks-payment-platform-licenses-increase" rel="noopener noreferrer nofollow">Dogecoin’s Market Rally Surges as Musk’s Payment Platform Licenses Increase</a></h5>

Dogecoin’s Market Rally Surges as Musk’s Payment Platform Licenses Increase

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