Dogecoin and Floki surge on potential social app X payment integration
Investing.com | Editor Ahmed Abdulazez Abdulkadir
Published Jan 22, 2024 10:45AM ET
LONDON – In a significant market movement today, Dogecoin (DOGE) and Floki (FLOKI) have both witnessed a substantial increase in market activity. Dogecoin's value soared by 12%, while trading volumes for both cryptocurrencies escalated by an impressive 200%. This surge aligns with a notable rise in futures open interest for these tokens, which leaped from $200 million to $430 million.
The heightened market interest appears to be tied to social app X's "xpayments" account, which dropped a hint suggesting the potential acceptance of these cryptocurrencies. The market has historically been responsive to signals of mainstream adoption, and this hint has clearly stirred investor enthusiasm.
Elon Musk, the CEO of Tesla (NASDAQ:TSLA), has played a pivotal role in influencing the market performance of Dogecoin. The speculation around Dogecoin's integration into X's payment options has been further fueled by its already established use for purchases at Tesla Stores.
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