Reasons for Dogecoin price growth by 60% per month
Date: 2024-03-30 Author: Oliver Abernathy Categories: BUSINESS
Background of growth of trading and futures
The price of the Dogecoin (DOGE) cryptocurrency has risen 60% in the last month, reaching its highest since December 2021. This growth comes amid an increase in trading volume and the number of open positions in the futures market.
Reaction to rumors about Platform X
According to a report from CoinDesk, rumors about the possible use of DOGE on Platform X became one of the triggers for the token’s price to begin to rise. These rumors, spread by some prominent members of the Dogecoin community, have contributed to the growth of interest in the cryptocurrency.
Relationship with Elon Musk's companies
Dogecoin often reacts to events related to companies owned by Elon Musk, such as social network X and electric vehicle maker Tesla. According to CoinDesk, information about the possible use of the token on media platform X also influenced the increase in the price of DOGE.
Growth in open interest in futures
Open interest in DOGE futures exceeded $2 billion, which, according to CoinDesk experts, indicates expectations for volatility in the token price.
Prospects for use on the X platform
While there is no official word yet on whether DOGE will become a payment option on Platform X, rumors and speculation on the topic continue to fuel interest in the cryptocurrency.
Other memecoins on the rise
Memcoins such as digwifhat (WIF) are also showing strong growth. Against this background, Dogecoin remains one of the key players among memcoins in the cryptocurrency market.
