Dogecoin Spikes After Buzz Around XPayments Account on Twitter
Dogecoin, the popular meme coin, experienced a nearly 12% spike on Saturday following the excitement surrounding the newly established XPayments account on Twitter. This surge is the highest daily increase for Dogecoin since April 3, 2023.
The buzz around the @xpayments account, despite its lack of posts and no confirmation from Twitter or owner Elon Musk about the planned payment functions, exemplifies the speculative nature of cryptocurrency markets.
Elon Musk’s Plans for X and Dogecoin
Elon Musk has expressed his intentions of turning X into a “super app” with payment capabilities. However, he has not confirmed any details about the use of Dogecoin or the implementation of broader payment features. Traders are eagerly awaiting the integration of Dogecoin into Musk’s business ecosystem.
Speculation Boosts Dogecoin Price
The speculation surrounding DOGE and Twitter led to a 16% price increase for Dogecoin on Saturday. The coin reached a weekly peak of $0.09 but cooled down throughout the day, closing at $0.0877 with a nearly 12% daily jump.
Correction and Potential Reversal
Following the spike, Dogecoin started to correct its trend throughout the weekend. On Monday, it dropped to lows of $0.081 but bounced back to $0.085. Despite this correction, it remains 7% up since Friday and above its weekly average price.
Dogecoin’s Transition from Meme to Mainstream Cryptocurrency
Although Dogecoin’s spike falls short of its previous high of $0.1, achieved on its 10th anniversary, the coin’s growing popularity and collaboration with Musk highlight its transition from a meme to a mainstream cryptocurrency.
Mixed Sentiment and Elon Musk’s Influence
Technical analysis shows mixed sentiment regarding Dogecoin’s future. While some indicators suggest a bearish outlook, others point to a potential bullish bounce. Elon Musk’s tweets have significantly influenced Dogecoin’s price fluctuations, demonstrating his impact on meme coins and more established cryptocurrencies like Bitcoin.
Hot Take: Dogecoin Rides Speculation Wave Amidst Plans for XPayments
Dogecoin’s recent spike in price can be attributed to the buzz surrounding the newly established XPayments account on Twitter. Despite the lack of confirmation from Elon Musk or Twitter, traders are anticipating the integration of Dogecoin into Musk’s business ecosystem. This surge highlights the speculative nature of cryptocurrency markets and Dogecoin’s transition from a meme to a mainstream cryptocurrency. While technical analysis reveals mixed sentiment about its future, Elon Musk’s influential tweets continue to impact Dogecoin’s price fluctuations.
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