YEREVAN (CoinChapter.com) — Dogecoin (DOGE) the canine-themed meme cryptocurrency, has registered a nearly 15% surge in its price today. According to crypto trading charts, DOGE’s price went from its daily low of $0.079499 to a 24-hour high of $0.090309. Behind the recent price rise, according to market analysis, is none other than Elon Musk and his company X (formerly Twitter).
At the time of writing, Dogecoin’s price hovers around $0.086869, charts from portfolio management app CoinStats reveal.
Elon Musk’s X Payment behind the DOGE price surge?
This recent spike in Dogecoin’s price seems to be linked to certain fresh developments involving X and its newly launched ‘X Payments’ account.
Recently, a verified account, with a blue tick mark, called ‘X Payments’, appeared on the social media platform. This sparked considerable interest and speculation within the crypto community. In particular, DOGE fans took a keen interest in the development.
Investors wondered if the account also meant a potential integration of cryptocurrencies, particularly Dogecoin, into X’s payment system. The frenzy around renewed interest in the meme token sent Dogecoin price surging.
This speculation rides on the back of Elon Musk’s well-known favorable stance towards Dogecoin. Musk, a prominent tech figure and the largest stakeholder in X has christened himself “Dogefather” for his vocal support of the altcoin.
This support coming from the world’s richest man has manifested in various forms. In January 2022, Musk announced that Tesla would accept DOGE as payment for its merchandise.
Will Dogecoin be used for X Payments?
It is too early to speculate what the X Payments will bring. The newly-created account is yet to make posts and updates, although it already has over 93,000 followers.
However, the fact that Musk announced in December 2021 that Dogecoin is better suited for transactions than Bitcoin (BTC) gives credit to the public speculations. If Musk integrates crypto payments, it is likely to be DOGE, just as he has done with Tesla.
Meanwhile, the spike in Dogecoin’s price comes amid a surge in trading volumes which climbed by 400% in 24 hours to cross the $1.3 billion mark.
Moreover, as Trader Tardigrade posted after analyzing the DOGE price chart, the token’s Moving Average Convergence Divergence (MACD) has formed a bullish Golden Cross. The development suggests that a the token’s price is poised for a rally.
This once again highlights how news and developments can substantially impact market dynamics. Influential figures like Musk and major platforms like X have the potential to push a cryptocurrency’s price up or down.
However, despite the recent positive sentiment around the meme token, DOGE price remains nearly 90% below its all-time high of $0.73. While Elon Musk has recently stopped posting about Dogecoin due to several compelling reasons, any fresh development could see DOGE regain its lost charm among investors.
