Why is Dogecoin price up today?

Dogecoin (DOGE) price is up roughly 5% in the last 24 hours, mirroring trends elsewhere in the cryptocurrency market.

Grayscale news pumps Dogecoin

Despite DOGE price being down 2.4% on Aug. 30, it’s still up 5% from yesterday’s lows, while the total crypto market capitalization has gained 4.5%. 

Related: Why is Bitcoin price up today?

DOGE/USD versus crypto market capitalization daily performance chart. Source: TradingView

Dogecoin’s price started rallying after the U.S. Securities and Exchange Commission’s (SEC) crackdown on the crypto sector suffered a major setback.

On Aug. 29, a federal court ruled that the SEC randomly prevented Grayscale Investments, a crypto investment platform, from converting its Bitcoin (BTC) trust into an exchange-traded fund (ETF). Grayscale’s win raised hopes that a spot Bitcoin ETF in the U.S. will become a reality.

99.99999% of the world doesn’t know that the SEC has to decide on 7 BTC ETFs within the next 3 days:

-blackrock
-bitwise
-vaneck
-wisdomtree
-invesco
-fidelity
-valkyrie

the suits at our doorstep

— odin free (@odin_free) August 29, 2023

BTC price jumped nearly 8% on the day of the ruling, lifting other crypto assets with it, particularly as Bitcoin and Dogecoin remain in lockstep with a correlation of 0.96.

DOGE/USD and BTC/USD daily correlation coefficient. Source: TradingView 

Elon Musk acquires crypto license for X

Dogecoin’s gains in the past 24 hours also coincide with Elon Musk’s foray into payment services for X (formerly known as Twitter).

On Aug. 28, Rhode Island’s regulators granted X a currency transmitter license, enabling the social media giant to offer financial services, including crypto. The news started going viral on Aug. 29.

Just In! X (the artist formerly known as Twitter) has just received a license that will let it offer crypto services to store, swap, and transfer Bitcoin and other crypto.

Elon Musk about to intro 400 million users into the market. pic.twitter.com/hKLDC7PMdf

— Lark Davis (@TheCryptoLark) August 29, 2023

Musk, a self-proclaimed Dogecoin supporter, has previously hinted at adding DOGE payments on X. Since then, rumors about DOGE…

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