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Dogecoin’s price has doubled in the last month amid rumors that Dogecoin may soon be integrated into Elon Musk’s X Platform.
The tech billionaire, who is a vocal proponent of meme-inspired cryptocurrencies, has previously spoken of plans to build a “do-it-all app” that incorporates messaging, marketplaces and online payments.
On Monday, he shared an animation from X user DogeDesigner showing how the former payment platform X will be integrated with the social media app it inherited in 2022.
“The circle will be complete,” he commented.
In January, X launched a dedicated payments account with a money transfer license secured in the US.
Both SpaceX and Tesla already support Dogecoin payments, but Musk's previous comments led to a spike in Dogecoin's price.
Musk, who claims to own an undisclosed amount of Dogecoin, said in 2021 that he believes Dogecoin has the potential to become a major online currency due to its ease of use and efficiency.
He also said the currency could become Mars' official currency if SpaceX were able to establish a permanent human colony on Mars.
“The most interesting outcome is often the most likely,” Musk said during a question-and-answer session on the app Clubhouse in 2021. “Perhaps the most interesting outcome, and the most ironic, would be that Dogecoin becomes the Earth's currency in 2021” future. “
These comments, along with the high-profile support he received when he appeared as the host of the program, saturday night livewhich helped push Dogecoin's price to a record high of over $0.70 that year.
Dogecoin's latest price increase comes amid a record rally in the cryptocurrency market, with Bitcoin hitting a new all-time high this month.
The meme-inspired cryptocurrency rose more than $0.17 on Monday, taking its market capitalization to more than $25 billion.
This price increase means Dogecoin has overtaken Cardano (ADA) and Avalanche (AVAX) in recent days to become the world's 8th most valuable cryptocurrency.
Despite the big rally, Dogecoin still accounts for 0.1 of the total crypto market, which ballooned to more than $2.5 trillion over the weekend following modest price gains for Bitcoin (BTC) and Ethereum (ETH). Less than %.
Dogecoin's price rose on rumors that Elon Musk plans to integrate Dogecoin as a payment method on X (formerly Twitter).
