Anticipation for Payments on X Boosts Meme Coin Interest
The announcement of new payment functionalities on X has catalyzed a surge in interest for meme coins such as Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB). This growing enthusiasm is evident in the significant increase in futures open interest for these coins. Despite the heightened trading volumes, there has been little impact on their prices.
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The announcement of new payment functionalities on X has catalyzed a surge in interest for meme coins such as Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB). This growing enthusiasm is evident in the significant increase in futures open interest for these coins. Despite the heightened trading volumes, there has been little impact on their prices.
Dogecoin's price and open interest. Source: official website of Coinalyze.
Users are speculating that Elon Musk might introduce DOGE as an official payment method on the platform, especially considering his similar experiments at Tesla. Additionally, the billionaire has previously indicated the potential use of cryptocurrencies in the new payment system.
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