Why is the price of Dogecoin rising today?

Dogecoin (Doug 13.84%) He made significant gains during the last day of trading. The cryptocurrency’s token price is up 14.6% over the past 24 hours as of 6:15 PM ET on Friday. Meanwhile, Bitcoin rose by 1.6% over the long term, and Ethereum rose by 5%.

the Crypto market It saw bullish momentum during the last day of trading, but there is also a major coin-specific catalyst for Dogecoin’s gains. Investors are betting that X’s new payments system will launch soon and that Dogecoin could be integrated into the platform.

Is Dogecoin about to benefit from Elon Musk’s new payments system?

Social media platform X, formerly known as Twitter, has indicated plans to launch a payment processing platform this year. The company is owned by Tesla CEO Elon Musk, who has been a prominent supporter of Dogecoin.

Recently, leaked source code of X’s new payments service was published online by MacRumors. While there is no official indication as to whether the token is actually from the upcoming payments platform, the alleged leak has heightened excitement for the service and the cryptocurrencies it could support.

So far, there is no clear indication whether Dogecoin will be integrated into the X Payments network. But this has not stopped the wave of upward momentum for the popular meme coin.

What comes next for Dogecoin?

Dogecoin is currently the most valuable coin in the world Meme coin. With a market cap of about $56.5 billion, it outperforms other similar tokens in this category. It also ranks as the seventh largest cryptocurrency in the world by market capitalization.

As a token that functions primarily as an investment and payment mechanism for speculation, Dogecoin’s evaluation It is closely related to adoption trends and overall market momentum. If X’s payments system integrates the token as one of the primary supported cryptocurrencies, it could open the door to significant valuation gains.

Elon Musk has already shown support for the token, and such a scenario is a realistic possibility. On the other hand, investors should move forward with the understanding that there are no guarantees Dogecoin It will be supported on the X Payments platform – and the token remains a risky and highly speculative play.