The Dogecoin (DOGE) price surged to $0.17 on March 23, 2023, marking a 35% increase in the last 72 hours.
Elon Musk's X Payments LLC obtained three more licenses for money transmitter activities on March 20, 2024.
The acquisition of licenses led to an $800 million increase in Dogecoin open interest.
Traders responded positively to Musk's move, contributing to the rise in the Dogecoin price.
X Payments LLC secured licenses in New Mexico, Oregon, and Illinois, bringing the total approved states to 22.
Musk aims to make X an "everything app," with payment services being a significant part of the vision.
Dogecoin open interest rose to $10.71 billion by March 23, with an $800 million increase in three days.
The surge in open interest and market liquidity could drive the DOGE price towards $0.20 in the near future.