The price of Dogecoin has doubled in value as rumors gather traction that Elon Musk could integrate the cryptocurrency onto X, formerly Twitter.
The billionaire businessman and investor already favors the meme-inspired cryptocurrency. The likes of Tesla and SpaceX currently support Dogecoin payments.
Since February 25, the price has gone from 0.09 to 0.18 USD. Musk has also spoken about an ‘everything app’ that incorporates messaging, marketplaces and online payments.
On March 25, Musk reposted on X an animation from DogeDesigner which displayed a short video highlighting the idea. He commented that “The circle will be complete.”
Furthermore, in January 2024, X launched a digital payments account after they secured a money-transmitting license in three US states.
The circle will be complete
pic.twitter.com/QkT7K9QBJF— Elon Musk (@elonmusk) March 25, 2024
Dogecoin Value
Bitcoin and other firms have also seen a surge in March 2024. However, the Dogecoin value has pushed the meme-based cryptocurrency to a total market cap of just over $25Bilion.
The rapid price increase now means Dogecoin sits at number eight in terms of the world’s most valuable cryptocurrency companies. It has leapfrogged Cardano and Avalanche this week.
As long as the rumors continue to circulate online and across various news outlets of Musk’s intentions with Dogecoin, the price will more than likely continue to rise.
The 52-year-old is thought to own an unspecified amount of Dogecoin and even admitted it could become the official currency on Mars. Only if SpaceX can colonise humans on the red planet, of course.
Dogecoin Authors
In December 2013, Dogecoin authors Billy Markus and Jackson Palmer launched the cryptocurrency. The website Dogecoin.com, accumulated over a million page visits in the first 30 days.
Markus – who was an IBM software engineer – and Palmer – who held the same role at Adobe – created Dogecoin as a joke more than anything.
However, they will certainly be the ones who are still laughing after Dogecoin exploded in popularity. They are considered to be the first ‘meme coin’ and the first ‘dog coin.’
In theory, the duo created Dogecoin as a tongue-in-cheek way of poking fun at other cryptocurrencies firm’s plans to take over the world. Markus and Palmer could almost do that with a little bit of help from Mr Musk.
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