While Bitcoin is undergoing a modest rise, Dogecoin is soaring by over 10% due to news that X (former Twitter) is likely to adopt it for payments.
According to the global coin market relay site CoinMarketCap, as of 10:40 a.m. on the 29th, Dogecoin recorded 22 cents, showing a 10.21% surge from 24 hours before, marking the highest since December 2021.
This surge is due to an announcement by the creator of Dogecoin, who stated via his X that “Elon Musk is very close to introducing Dogecoin as a payment option on X.”
He added, “The approval for such transactions is imminent in California, while New York is expected to take some time.”
Previously, Tesla has allowed Dogecoin payments at Tesla stores, starting in 2021.
Musk is also planning to introduce Dogecoin as a payment option on X.
CoinDesk reported that due to this news, Dogecoin is soaring by over 10% today.