Why Dogecoin Is Soaring Today

Dogecoin (CRYPTO: DOGE) has posted big gains over the last day of trading. The cryptocurrency's token price was up 14.6% over the last 24 hours

Dogecoin (CRYPTO: DOGE) is soaring today, continuing a rally that began earlier this week. The cryptocurrency's token price was up 14.6% over the last 24 hours as of 6:15 p.m. ET Friday.

Meanwhile, Bitcoin was up 1.6% over the stretch, and Ethereum was up 5%.

The broader crypto market has seen bullish momentum over the last day of trading, but there's also a major coin-specific catalyst for Dogecoin's gains. Investors are betting that X's new payments system will be launching soon and that Dogecoin could be incorporated into the platform.

Here's what you need to know.

Dogecoin Soars on X Payments Rumors

Dogecoin is up today as investors continue to bet on the possibility that X will be adding the cryptocurrency to its platform. X has been teasing the launch of a new payments system for several months now, and many investors are hoping that Dogecoin will be included in the lineup.

The cryptocurrency soared earlier this week after X CEO Elon Musk shared a photo of his dog wearing a Dogecoin shirt on social media. Musk, who is also the CEO of Tesla, has been Dogecoin's most high-profile supporter. Several of Musk's tweets and comments about Dogecoin have helped propel the cryptocurrency to new heights in the past.

Dogecoin is currently trading at about $0.14. The cryptocurrency has soared more than 1,000% so far in 2023, making it one of the best-performing cryptocurrencies in the world. Despite the gains, Dogecoin still has a long way to go before it reaches its all-time high of $0.74, which it hit in 2021.

Dogecoin is classified as a meme coin. With a market cap of roughly $56.5 billion, it stands head and shoulders above other similar tokens in the category. It also ranks as the world's seventh-largest cryptocurrency by market cap.