Dogecoin (CRYPTO:DOGE) posted big gains during the last day of trading. The cryptocurrency’s token price increased by 14.6% over the past 24 hours on Friday as of 6:15 p.m. ET. In the meantime, Bitcoin was up 1.6% over the period, and Ethereum was up 5%.
The crypto market has seen bullish momentum over the past trading day, but there is also a major coin-specific catalyst for Dogecoin’s gains. Investors are betting that X’s new payment system will launch soon and that Dogecoin could be integrated into the platform.
X, the social media platform formerly known as Twitter, has announced plans to launch a payment processing platform this year. The company belongs to Tesla CEO Elon Musk, who has been Dogecoin’s most high-profile supporter.
Recently, leaked source code supposedly from X’s new payment service was published online by MacRumors. While there is no official indication as to whether the code actually comes from the upcoming payment platform, the alleged leak has increased enthusiasm for the service and the cryptocurrencies that could be supported.
So far, there is no clear indication whether Dogecoin will be integrated into the X payment network. But that has not stopped a wave of bullish momentum for the popular coin.
Dogecoin is currently the most valuable coin in the world. With a market capitalization of approximately $56.5 billion, it stands head and shoulders above other similar tokens in the category. It also ranks as the seventh largest cryptocurrency in the world by market capitalization.
As a token functioning primarily as a speculative investment and payment mechanism, Dogecoin’s valuation is closely tied to adoption trends and overall market dynamics. If X’s payment system were to integrate the token as one of the major supported cryptocurrencies, it could open the door to substantial valuation gains.
Elon Musk has already expressed his support for the token, and such a scenario is a realistic possibility. On the other hand, investors should move forward knowing that there is no guarantee that Dogecoin will be supported on X’s payment platform – and that the token remains a risky and highly speculative play .
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