Bittime - The price of Dogecoin (DOGE) has soared again recently. After previously running in place, DOGE suddenly shot up 35% in the last 3 days and reached a weekly high of $0.17 (around Rp. 2,500) on Saturday. This is thought to be due to the activities of X Elon Musk and transactions from the mysterious whale.
According to Santiment, a crypto analysis platform, this price spike was accompanied by a significant increase in investor interest. The proof is, DOGE's open interest (the total value of assets whose transactions have not yet been completed) increased by a fantastic $800 million (around IDR 11.6 trillion) over the weekend!
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What caused it? Elon Musk and X Payments
Analysts suspect that the DOGE price spike was triggered by the latest news about X Payments LLC, Elon Musk's payment company. X Payments has just obtained a license to operate as a money transmitter in 3 new states: Mexico, Oregon, and Illinois.
Also read: Business with Dogecoin (DOGE): This is a list of companies that accept DOGE!
This news immediately made investors speculate. Is it possible that DOGE will become the preferred payment method at X Payments? This speculation then pushed DOGE prices up. Until now, DOGE can be used to buy Tesla merchandise.
It doesn't stop there, Elon Musk previously teased the crypto community with the idea of integrating DOGE into the X payment system (formerly known as Twitter). This of course makes investors even more enthusiastic about DOGE's potential.
With the expansion of X Payments and rumors of DOGE integration, DOGE prices continue to pump up. Investors seem increasingly confident about DOGE's future.
Also Read How To Buy Crypto:
Mysterious Whale Gets Into Action
Recent reports indicate the movement of "whales" (investors with large DOGE holdings). A mysterious Whale is known to have bought up 25 million DOGE tokens (worth $3.75 million) in the last 72 hours. The timing of this purchase is interesting because it coincides with a price increase and spike in DOGE open interest.
This Whale activity, combined with the expansion of X Payments, further strengthens positive sentiment towards DOGE. If DOGE is truly adopted as a means of payment for X Payments, the price could skyrocket even higher. This will certainly attract more investors, including other Whales, to jump into DOGE.
About Dogecoin (DOGE)
Dogecoin (DOGE) is a peer-to-peer (P2P) and open-source cryptocurrency. It is classified as an altcoin which was launched in December 2013. Dogecoin uses a cute Shiba Inu dog image as its logo and makes it an easily recognizable icon.
Also read: Dogecoin (DOGE) Whale Moves 332.9 Million DOGE to Binance
Dogecoin's blockchain technology originates from Litecoin, so it has a strong foundation. Some of the interesting features of Dogecoin are its affordable price and unlimited number of coins.
Views On Dogecoin:
- Memecoins vs. Useful Crypto: Dogecoin was originally created as a memecoin, but its community of supporters argues that DOGE has real uses. They see how DOGE has been used in various transactions and donations.
- Price and Utility: Skeptics argue that the Dogecoin blockchain's lack of function as a means of payment or store of value makes its price volatile and unstable.
The debate regarding the use of Dogecoin of course affects the price of DOGE on the market.
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How to Buy Dogecoin (DOGE) on Bittime
You can buy and sell Dogecoin (DOGE) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR. To be able to buy DOGE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime.
Monitor price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
How to Sell Dogecoin (DOGE), Here's the Guide!
Dogecoin (DOGE), a Popular Meme-Based Cryptocurrency
Dogecoin (DOGE): History of the Meme Coin and Its Highest Price Achievement
How to Pay with Dogecoin: A Guide to Using DOGE for Transactions
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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