Elon Musk‘s latest efforts have had a notable impact on the cryptocurrency market in particular Dogemoneta DOGE/USD.
According to data from Santiment, the meme coin, often championed by Musk, saw a notable $800 million increase in open interest in three days.
Over the past 72 hours, the price of Dogecoin has increased by 35%, hitting a weekly high of $0.17 on Saturday.
Read also: Forget Dogecoin and Shiba Inu: This meme coin increased by almost 70% in just 24 hours
The news comes from Musk X Payments LLCa social media offshoot of his motif X (X.com, SpaceX, xAI), expands its operational presence by securing money transfer licenses in three additional states: New Mexico, Oregon and Illinois.
This development, announced on March 20, 2024, increases the total number of states in which X Payments can legally operate to 22.
Musk’s acquisition of X in 2022 was a step towards becoming an “everything app”, with integrated payment solutions playing a crucial role.
Despite regulatory hurdles slowing expansion, the addition of these states marks significant progress toward achieving Musk’s vision of competing with PayPalwhere is he was previously CEO, as well Venmo AND Whatsapp.
Market data indicates that DOGE traders’ bullish reaction to Musk’s recent actions has significantly contributed to the continued rise in Dogecoin’s price.
This surge is attributed to speculation that Dogecoin could become the currency of choice for the X payments ecosystem.
As X Payments continues to navigate regulatory landscapes and expand its services, the crypto community remains alert to any developments that could further intertwine Musk’s payment and technology innovations with digital currencies like Dogecoin.
Now read: Huge $33.8 Million in Dogecoin Value Scrolled to Robinhood — and People Suspect This Person May Be Behind It
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
Image created with Midjourney