Dogecoin (DOGE) has reclaimed the 10 cent price level amid a market-wide rally. CoinGecko data shows that the original memecoin has risen by 13.2% in the last 24 hours, 20% in the last week, and nearly 10% over the previous month. Dogecoin’s (DOGE) rally also comes amid Elon Musk’s X social media platform partnering several stock and cryptocurrency exchanges. Let’s discuss why the development is bullish for Dogecoin (DOGE).
Dogecoin Surges Following Elon Musk’s X Partners With Exchanges
Elon Musk is one of the biggest DOGE supporters in the world. He has enabled DOGE payments for several of his businesses. His comments about DOGE have also led to significant price rallies in the past. Many DOGE fans have long awaited X to include DOGE on its Payment feature, especially given Musk’s previous endorsements for the memecoin.
X has recently partnered with several popular cryptocurrency exchanges, such as Gemini, Kraken, and Coinbase to allow trading from the timeline. Dogecoin (DOGE), being Musk’s favorite cryptocurrency, is likely riding the sentiment surge wave.
Musk’s SpaceX is also working on a Dogecoin-funded satellite called DOGE-1. The satellite is expected to reach orbit sometime in 2027. The world’s richest man has also stated that he intends to put an actual Dogecoin on the moon.
These developments could lead to a surge in investor confidence. X has hundreds of millions of active users worldwide. Launching crypto trading on the platform could expose Dogecoin (DOGE) to a whole new investor base. The memecoin could even potentially breach the $1 price level.
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Dogecoin’s (DOGE) latest rally also comes amid a larger market rally. Bitcoin (BTC) reclaimed the $85,000 price level for the first time since January of this year. The market rally was likely due to a dip in oil prices. However, the rally is still rather puzzling as it comes amid two significantly bearish developments. The US Senate voted against the CLARITY Act earlier this month and the Federal Reserve raised interest rates by 25 basis points to fight rising inflation. Many anticipated the cryptocurrency market to dip, but that has not been the case so far.
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