The price of the largest meme coin, Dogecoin, surged by as much as 6% following the news regarding Elon Musk’s X. Regulators in Rhode Island have formally issued a currency transmitter license to X. This information has been made public on the Nationwide Multistate Licensing System (NMLS) website as of August 28.
This step signifies a notable advancement in the company’s efforts to grow within the financial services sector, even though the license is specific to Rhode Island. As always, the positive development has had a positive impact on the price of Dogecoin.
Dogecoin surges by 6% following the news
In the last 24 hours, Dogecoin went from a low of $0.06254 to a high of $0.06806. According to CoinMarketCap data, DOGE is trading at $0.06686.
Elon Musk’s association with Dogecoin has garnered significant interest within the cryptocurrency community. Musk has continuously demonstrated his affinity for and support of the well-known meme coin. The recent surge could also be likely due to the anticipation of the incorporation of DOGE into X. If such a decision is taken by Musk, Dogecoin could likely emerge as a meme coin with potential utility.