The meme-inspired cryptocurrency Dogecoin ($DOGE) has recently seen a surge in its price, following the debut of ‘XPayments’ on Elon Musk’s social media platform, X.
This new development has sparked a wave of excitement and adoption hopes within the cryptocurrency community, especially for Dogecoin enthusiasts.
The coin, often spotlighted by Musk, is now at the centre of speculation regarding its potential integration with X’s upcoming features.
Earlier in the month, X announced plans to introduce peer-to-peer payments within the year, with Musk suggesting a possible public rollout by mid-2024.
This announcement fueled discussions and conjectures about Dogecoin’s role in this new venture, considering Musk’s known affinity for the digital currency.
The ‘Everything App’
Musk has often voiced his vision to position X as the ‘Everything App’.
His recently-rebranded platform aims to be expanded to offer “comprehensive communications and the ability to conduct one’s entire financial world”. It takes its inspiration from the Chinese super app WeChat, which combines social media, digital payments, internet browsing and more into a single app.
The integration of a mainstream social media platform with a payment system could bridge the gap between traditional financial transactions and the crypto world.
While the inclusion of cryptocurrencies into the XPayments system has not been confirmed yet, it has fuelled speculations in the market considering Musk’s history with the cryptocurrency.
Dogecoin and Musk
Elon Musk has been noted to have much influence on the cryptocurrency market, particularly Dogecoin. His endorsements and tweets have historically led to significant fluctuations in Dogecoin’s value.
The recent developments surrounding XPayments have once again put Dogecoin in the spotlight, leading to a surge in its price. The meme coin hit a weekly high following the XPayments account’s rapid gain of over 100,000 followers.
Users have pointed out multiple cryptic posts and updates posted by Musk in support of the memecoin. Previously, a $DOGE symbol was noted in Elon Musk’s X account in its location area.
He had also allowed $DOGE payments on Tesla’s merchandise store and changed Twitter’s logo to Dogecoin shortly after he took over the platform in April 2023. This caused a 22% spike in the coin’s price back then.
Dogecoin’s technical milestone
Dogecoin’s trading volume has seen a substantial increase, further indicating a bullish sentiment in the market.
This surge in interest and value is also attributed to Dogecoin’s first-ever Moving Average Convergence Divergence (MACD) golden cross, a technical indicator often associated with potential long-term upward trends in asset prices.
It is a significant indicator which is often seen as a bullish signal for future price movements.
The MACD golden cross occurs when the MACD line (the difference between the 26-day and 12-day exponential moving averages) crosses above the signal line (the 9-day EMA of the MACD). The event is typically interpreted by traders as a strong buy signal, suggesting that $DOGE could be on the brink of a significant bull run.
This technical milestone, combined with the buzz around XPayments and Musk’s involvement, paints a potentially bright future for Dogecoin.
At the time of press, $DOGE was down by over 4% from its recent high and changed hands for $0.0833. However, bullish signals persisted on its charts as it traded in the green, up by over 3% weekly.
Both the Awesome Oscillator and the MACD emanated green histograms on their respective charts.
