Dogecoin (COIN: $DOGE) Rises to Highest Price Since 2021 Amid 66%+ Spike in Volume 

Dogecoin (COIN: $DOGE) is a popular meme token launched in December 2023 that uses the image of a Shiba Inu as its mascot. The price of the famous meme token has surged significantly in the last few weeks amid a crypto market bull run.

On Thursday, March 28, Dogecoin (DOGE) reached its highest price since December 2021, driven by bullish sentiment and speculation surrounding the potential utilization of the dog-themed meme coin on X. For the past few weeks, there has been speculation in crypto circles that Musk could integrate DOGE into X as part of his vision to create an “everything app.”

Elon Musk’s Comments Boost DOGE

CEO of Tesla and X, Billionaire Elon Musk has played a crucial role in driving up the price of DOGE over the years. The renewed interest in DOGE comes amid a surge in the price of BTC to over $70K with other major coins experiencing a surge in price as well.  

During a recent visit to Tesla’s Giga Berlin plant,  Musk hinted that customers would be able to buy Tesla with DOGE. Elon Musk was asked when customers would be able to buy Teslas using DOGE, to which he responded, “At some point, I think we should enable that.” He added, “You can buy Tesla merch with Doge, which is cool. So, Dogecoin to the moon.” Soon after the video was published on X by @dogeofficialceo on March 14, DOGE surged over 6%. 

Dogecoin X Tesla

The token often reacts to news about payments in companies linked to Elon Musk, like X or Tesla. Additionally, many key members of the Dogecoin community speculated on social media about how the token might be used on X, which likely sparked more interest in trading.

The Coinmarketcap data shows that DOGE has topped $6.29 billion in trading volume in 24 hours. Additionally, the open interest for the token has also crossed approximately $2 billion across different exchanges from $1 billion on Monday.

On Thursday, a prominent Dogecoin developer, MishaBoar posted on X, “Dear #Dogecoin, with X’s new payment branch being awarded more licenses in the U.S., many are speculating about the implementation of crypto payments in the platform.”

He added, “Early this month, Elon said X is very close to landing a money transmitter license in California. Getting the license in NY will still take a few months.”

DOGE is not the only meme coin that has performed great; $WIF, $PEPE, and $SHIB have also surged significantly.

DOGE Price Trend

At the time of writing, DOGE is trading at $0.2217 with a gain of 21.81% in the past 24 hours. The token is up 102.15% in the past month and 202.33% in the past 12 months. It is ranked 8th by market cap, with a market cap of over $32 billion, and a 24-hour trading volume of $6.29 billion after a 66.79% spike.

If the bullish trend of DOGE continues, analysts forecast it could reach $0.34.

Should You Buy $DOGE?

Doge has gained massive attention from investors due to social media hype driven by its huge community. The ongoing speculation that it could be accepted as a payment option for Tesla purchases has been pivotal to boosting its price. Given its large following, the ongoing speculation about its integration into X, and the overall crypto market bull run, DOGE could be a great addition to your portfolio in the medium term. 

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