Dogecoin, the prominent dog-themed meme gold coin, spiked nearly 12% on Saturday following a buzz round the recently established XPayments account on Twitter (also known as X). It is the greatest daily spike for that top meme gold coin since April 3, 2023.
The thrill round the @xpayments account, despite its insufficient posts with no confirmation from Twitter or owner Elon Musk concerning the planned payment functions, are simply another illustration of the speculative nature of cryptocurrency markets.
Elon Musk formerly pointed out his intentions of turning X right into a “super app” with payment abilities, but he’s not confirmed anything about using Dogecoin or even the imminent implementation from the broader payments feature at this time. However, traders are eagerly anticipating the combination of Dogecoin into Musk’s business ecosystem, including potential applications for advertisements along with other services around the social networking platform.
Speculation around DOGE and Twitter boosted the cost of Dogecoin by 16% on Saturday, based on CoinGecko, because the gold coin arrived at an every week peak of $.09. The spike cooled during the day, leading Dogecoin to shut at $.0877 with only shy of the 12% daily jump.
Because the spike, the coin—as it always does—cooled lower and began to fix its trend through the weekend. On Monday, the gold coin dropped to lows of $.081 but bounced to $.085, still 7% up since Friday along with a cost sufficient to become on the top of their weekly average cost.
However, Dogecoin’s spike still fails to deliver from the $.1 mark it achieved on its tenth anniversary this past year. Produced initially like a joke, Dogecoin is continuing to grow in recognition, defying its humorous origins. Musk’s collaboration with Dogecoin developers to enhance the gold coin further underscores its transition from the meme to some mainstream cryptocurrency.
Technical analysis reveals mixed sentiment surrounding Dogecoin’s future. The exponential moving averages (EMAs) indicate a bearish short-term outlook, since the cost for the short term is gloomier compared to an extended time period. However, other indicators advise a possible bullish bounce. The typical directional index (ADX) , which measures how strong a pattern is, is pointing to some weakening in the present bearish trend, which could trigger market stabilization or perhaps a potential reversal.
Elon Musk, noted for his impactful tweets about meme coins, has considerably influenced Dogecoin’s cost fluctuations. His previous endorsements and speculative tweets have brought to substantial spikes in Dogecoin’s value. For example, Musk’s hint about integrating Dogecoin for payments on X and Tesla’s merchandise store formerly propelled a 22% cost increase.
And the previous tweets—both serious and otherwise—have routinely shaken in the markets, impacting the cost of meme coins and much more serious cryptocurrencies like Bitcoin itself.
Edited by Andrew Hayward
