Dogecoin betting volume surges to $2 billion as it reaches highest level since 2021

On Thursday, the price of Dogecoin (DOGE) surged to 22 cents, the highest since December 2021. The surge was sparked by increased trading volume and speculation about a possible integration with social media platform X, owned by Elon Musk. Various posts by prominent members of the Dogecoin community on This speculation has contributed to bullish sentiment and trading interest for DOGE.

Token prices tend to react to developments related to payments in companies owned by Elon Musk, such as X or Tesla. Elon Musk’s previous endorsement of Dogecoin also had an impact on the price movement.

DOGE’s trading volume has surged to $7 billion in the past 24 hours, up from an average of $3 billion earlier this week. Futures tracking the token also showed open interest across cryptocurrency exchanges rose to nearly $2 billion, indicating increased betting on price volatility.

Speculation about the use of DOGE on X has continued since Musk acquired the company in 2021, but there has been no official confirmation on whether DOGE will be accepted as a payment option on the platform. However, Musk’s previous statements and endorsements have fueled speculation about the possibility of DOGE being integrated into X’s payments service.

Overall, the surge in DOGE’s price and trading activity reflects the continued influence of social media speculation and Elon Musk’s intervention in the token market dynamics.

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