Dogecoin pulled off a new record this week, with a 10% increase on July 25, its largest single-day percentage rise since April 3. The surge is brought on by speculation that DOGE would be accepted as payment on the revamped Twitter site. Notably, the token also enjoyed the undivided attention of traders, as noted by the uptick in the perpetual futures market.
DOGE’s ongoing rally gained further momentum from the derivative market as the notional open interest reached the $500 million mark for the first time since April 19, per Coinglass data. Open interest is a sign of money coming into and going out of the market. In just two weeks, the figure has more than doubled.
Open interest has risen to 6.2 billion DOGE, which is getting close to the record of 6.43 billion set on April 8. It is believed that an uptrend is confirmed when the price rises steadily while its open interest increases.
Elon Musk, the world’s richest man, recently tweeted promotion of the new social media platform’s logo, which was first posted by a Dogecoin designer. Later, keen-eyed observers noted Musk’s minor modification to his Twitter bio, which now includes the letters “X” and “D,” and they surmised it has something to do with the meme coin.
X is believed to be a reference to Twitter’s new logo, while D is likely to be for Dogecoin, which he has previously publicly supported. To add more fuel to this speculation, Macro Guru and former Goldman Sachs executive Raoul Pal offered his perspective on Musk’s potential use of Dogecoin for global payments.
Dogecoin Could Be Used To Pay Twitter Content Creators
In a tweet dated July 25, Pal made the suggestion that Musk might use Doge as a medium for international payments to Twitter content creators. “He will use crypto to be able to make global payments for creators, etc. My guess is he uses Doge.”
At the time of writing this post, DOGE had edged up nearly 4% in the past 24 hours, trading for $0.08. And in the past week, it’s been up 15%, ranking among the top-performing coins. In addition to its impressive price growth, the trading volume of The OG meme coin has also increased dramatically, reaching levels last seen in early April.