Dogecoin Soars As Elon Musk's X Payments Gains Ground, Enthusiasts Rally With $800M Boost

Elon Musk's latest endeavors has notably impacted the cryptocurrency market, particularly Dogecoin DOGE/USD.

According to the Santiment data, the meme coin, often championed by Musk, saw a remarkable $800 million increase in open interest within three days.

Over the past 72 hours, the price of Dogecoin has surged by 35%, hitting a weekly high of $0.17 on Saturday.

Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours

The news comes as Musk's X Payments LLC, a social media offshoot of his X motif (X.com, SpaceX, xAI), expands its operational footprint by securing money transmitter licenses in three additional states: New Mexico, Oregon, and Illinois.

This development, announced on March 20, 2024, increases the total number of states where X Payments can legally operate to 22.

Musk's acquisition of X in 2022 was a step towards transforming it into an "everything app," with integrated payment solutions playing a crucial role.

Despite regulatory hurdles slowing down the expansion, adding these states marks significant progress toward achieving Musk's vision to compete with PayPal, where he was previously CEO, as well as Venmo and WhatsApp.

Market data indicates that the bullish reaction of DOGE traders to Musk's recent actions has significantly contributed to the ongoing rise in Dogecoin's price.

This surge is attributed to speculation that Dogecoin could become the preferred currency for X's payment ecosystem.

As X Payments continues to navigate regulatory landscapes and expand its services, the crypto community remains watchful for any developments that could further intertwine Musk's tech and payment innovations with digital currencies like Dogecoin.

Now Read: Whopping $33.8 Million Worth Of Dogecoin Shifted To Robinhood — And People Suspect This Person Could Be Behind It

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image made with Midjourney