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Unfortunately, last week’s Checkmate podcast did not get recorded. Stay tuned for this week’s edition. 

Mind Of Mav

DOGE Jumps 15% on X Rumors

Dogecoin (DOGE) experienced a significant price increase, reaching its highest level since December 2021 on Thursday, driven by optimistic market sentiment and rumors regarding its potential adoption on the social media platform X. The meme-inspired cryptocurrency saw a 17% surge, trading at 22 cents during the afternoon hours in Europe, while the wider cryptocurrency market showed minimal changes, with Bitcoin (BTC) maintaining its position around the $70,000 mark and the CoinDesk 20 index of major cryptocurrencies remaining steady.

The price of DOGE often responds to news of payment integrations with companies owned by Elon Musk, such as X or Tesla. Speculation was sparked by posts from notable figures within the Dogecoin community on X, suggesting the coin might be integrated into X’s payment system. A Dogecoin developer, @@mishaboar, posted on X about the platform’s new payment branch acquiring additional licenses in the U.S., hinting at the potential for crypto payments on X. He mentioned Elon Musk’s announcement that X was nearing the acquisition of a money transmitter license in California, with New York’s license expected to follow in a few months.

According to CoinGecko, DOGE’s trading volume surged to $7 billion in the past 24 hours, up from an average of $3 billion earlier in the week, despite the overall cryptocurrency trading volumes remaining subdued due to low volatility.

Additionally, the futures market for DOGE showed increased activity, with open interest on crypto exchanges jumping to nearly $2 billion, up from $1 billion on Monday, indicating heightened expectations of price movements.

The potential for Dogecoin’s integration on X has been a topic of discussion since Elon Musk acquired the platform in 2021, especially considering Musk’s previous endorsements of the token. Tesla, Musk’s electric vehicle company, has been accepting DOGE for merchandise purchases since 2021.

Despite these developments, there has been no official statement from X regarding the inclusion of DOGE as a payment option, even though the platform announced plans in January to introduce a peer-to-peer payments service within the year.

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