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Key takeaways

• DOGE is outperforming the opposite main cryptocurrencies, up by 4% within the final 24 hours.

• The optimistic efficiency comes as speculations return that DOGE may grow to be a cost choice on X (Twitter).

DOGE outperforms the broader market

DOGE, the native coin of the Dogecoin ecosystem, is one of the best performer amongst the highest 10 cryptocurrencies by market cap at present. The coin has added 4% to its worth within the final 24 hours, outperforming Bitcoin and different main cryptocurrencies.

At press time, the price of Dogecoin stands at $0.0771. The optimistic efficiency comes as speculations returned that DOGE may very well be used for payments on Twitter, which was rebranded to X by Elon Musk earlier this week.

Market analysts consider that DOGE’s value may soar greater because of this hypothesis. Kryptomon Chief Marketing Officer Tomer Nuni advised CoinDesk that;

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter. We saw the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

Dogecoin is at the moment the seventh-largest cryptocurrency by market cap, behind Circle’s USDC stablecoin.

Twitter is reportedly designing a system that might permit customers to make payments by way of the social media platform. However, Elon Musk needs fiat currencies to be supported earlier than Twitter will embrace cryptocurrencies as cost choices. 

Bitcoin drops to the $29k degree

While Dogecoin was rallying, Bitcoin was tanking. Bitcoin is down by greater than 2% within the final 24 hours, briefly dropping under the $29k degree late on Monday.

At press time, the price of Bitcoin stands at $29,255. The poor efficiency got here following the Wall Street Journal’s report on Monday, alleging attainable wash buying and selling actions by the world’s largest cryptocurrency alternate.