Dogecoin market cap soars amid X payments speculation

The market cap of Dogecoin has hit the milestone of $12 billion. This comes amid speculation that the token may be a part of X Payments, launched by Elon Musk on X. A new utility feature and the potential integration have also caused an uptick in the exchange valuation of the token. It was last seen being traded at $0.090, an increase from $0.078. While the token value lasted for a few moments, the market cap looks to be strong despite a minor slip of 1.61%.

The rise in the market cap resulted from a rise in the trading activity of the token, showcasing how optimistic the community is for Dogecoin.

To reiterate, DOGE merging with X’s payment system is anticipated, and an official announcement has yet to be made. That has not stopped the community from boosting the meme-inspired token, which Musk has often endorsed.

Cryptos are driven by two factors: a vibrant community and endorsements. A reason why there is growing anticipation for the merger with Xpayment is the very same endorsement by Elon Musk. He has been identified as an advocate for DOGE since 2019. Musk is now attempting to make X an all-in-one platform. This includes allowing users to leverage the functionalities of the platform to send funds to their peers.

It goes without saying that the payment system is more likely to support fiat currencies. It only remains to be seen which crypto tokens will be listed when the service goes live.

Dogecoin’s market cap is slightly below $12 billion. Its 24-hour trading volume has also fallen by 46.35%. DOGE was last seen listed on the board at $0.08374. While it reflects a drop of 1.70% at the time of writing this section, it is an increase of 3.77% in the last 7 days. The future of Dogecoin is optimistic, with predictions estimating that the token can touch $0.23 by the end of this year. The highest that DOGE is teased to touch is $0.26, assuming developments actually come true.

The current fall in the value of DOGE is kind of a ripple effect, considering BTC and ETH have fallen as well. BTC is exchanging hands at a value that is less than $42k, and ETH has dropped below $2.5k. Their valuations against the USD are $41,021.31 and $2,422.49, respectively.

What has surprised crypto enthusiasts is that the drop came after the SEC approved 11 applications for the Bitcoin ETF. Holders and enthusiasts expected a surge, especially for BTC to inch closer to its ATH. That is still a reality that is expected to happen by the end of this year. Also, Bitcoin Halving could fuel the rise of the token significantly.

All eyes are now on the official announcement about X Payments. It will roll out details about currencies—fiat and crypto—that will be accepted for transactions.