With a little help from Elon Musk, Dogecoin outperformed its peers in a thrilling cryptocurrency rally over the weekend. On Saturday alone, Dogecoin (DOGE-USD) enjoyed a +5.74% increase, moving from $0.1529 to close at $0.1620. The drive higher continued into Sunday, with Dogecoin achieving a 5.80% gain to settle at $0.172. Cumulatively, Dogecoin ascended nearly +12% over the weekend. Comparatively, two other popular memecoins, SHIBA Inu (+5.32%) and BONK (+4.96%), lagged DOGE by a significant amount.
Musk’s Vision for X Positions Dogecoin as a Favored Currency
The rally is closely tied to Elon Musk’s ambitious vision for X as an integrated “everything app,” potentially positioning Dogecoin as a favored currency within X’s expanding payment ecosystem. This speculation has significantly contributed to the bullish price movements over the weekend.
Musk’s unwavering, albeit random, support for Dogecoin has been a major catalyst in DOGE’s previous price spikes. His influence extends beyond mere tweets, with speculative acceptance of Dogecoin for Tesla purchases further cementing its status in the digital currency landscape.
Beyond merely outperforming SHIBA and BONK, Dogecoin’s recent rally is marked by regulatory milestones and strategic endorsements. Coinbase’s announcement of leveraged contracts for Dogecoin, following approval from the U.S. Commodity Futures Trading Commission (CFTC), signals a broader acceptance and optimism towards Dogecoin within institutional circles.
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