The price of dogecoin (DOGE) jumped to its peak since December 2021 on Thursday as retail investors and traders exchanged many DOGEs which in turn created a lot of Dogecoin futures trading open interest.
Already there were several posts from senior Dogecoin YouTubers and Reddit members claiming that the doge coin will be used on X network. Especially, the payment system has already been granted license in the USA.
The trading volumes for DOGE had sky rocketed to $7 billion in the afternoon of the day against the daily average of $3 billion earlier in the week. The crypto volatility was much higher earlier in the week while other DOGEs traded relatively less is also a good example of that.
In other parts of the world, options in those tokens witnessed a huge jump in open interest to nearly $2 billion across crypto exchanges compared to a mere $1 billion recorded yesterday. This is the evidence of rising positioning bets on price volatility.
The suspense continues since Musk completed the acquisition of this social media network in 2021 because of his endorsement for the coin. Musk’s company of electric cars, namely Tesla, has believed since 2021 that Doge token can be used as a method of payment in the Tesla Store if people buy goods using a website. There will no charge or fee if the clients purchase anything by using Doge token.
X revealed that many now believes that it would launch a peer-to-peer payment service this year. On the other hand, no official statement has been given regarding DOGE considering as a mode of the payments as well.
