Dogecoin (DOGE) Jumps 19%, Key Reasons Behind This Surge

The largest meme cryptocurrency, Dogecoin, and the 10th biggest one by the market capitalization size has printed a massive 19.19% price surge within the last 24 hours.

This happened after whales’ activity in purchasing Dogecoin has peaked, and also in light of the recent news related to the biggest DOGE fan and crypto tycoon, Elon Musk.

Whale acquires millions of Dogecoin as price jumps

Cryptocurrency analyst Ali Martinez, popular on Crypto Twitter/X, has shared a Santiment chart to show that during the period of the last 72 hours, various Dogecoin whales have scooped up approximately 25 million DOGE evaluated at nearly $3.8 million in fiat.

Over the last 24 hours, the 10th largest cryptocurrency, DOGE, soared from $0.1290 and reached the $0.1538 price mark, adding roughly 19.2% to its price value. It was a massive price increase for just one day.

#Dogecoin whales have bought 25 million $DOGE in the past 72 hours, worth around $3.75 million! pic.twitter.com/y1RnRffWhv

— Ali (@ali_charts) March 21, 2024

Elon Musk secures more payment licenses for DOGE

In a surprising development, the news has been spread that Twitter/X owner Elon Musk continues to push his social media platform closer to being “the everything app.”

Payments inside it is part of the long-term plan for Musk, and X has been gradually securing licenses to conduct payments in various U.S. states. After adding a few recently, the list of these licenses for Musk’s recent acquisition now includes 22 states.

Adding payments to X for its users would bolster the platform’s positions in the financial world, taking it closer to such giants as PayPal (which Musk was also cofounder of), Stripe and similar ones. This is likely another major factor that has propelled the aforementioned impressive Dogecoin price jump.

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