DOGE rose 12.8% in the nine-hour period from late Jan. 20 to hit a seven-day high of $0.08978 early on Jan. 21, according to data from Cointelegraph Markets Pro. It has since fallen about 4% in the last day and is currently trading at $0.08330. With a bearish reversal testing the 100-day moving average, the DOGE price trend highlights a critical moment for the meme coin. In addition, with the double bottom reversing on the daily chart, buyers are hoping for further growth, supposedly supported by positive news.
Meme cryptocurrencies Dogecoin (DOGE) and Floki (FLOKI) rose in price by 18% and 21%, respectively, after the XPayments account was created on the social network X (formerly Twitter). The DOGE rate from January 19 to 21 increased from $0.075 to $0.089, and the FLOKI price rose during the same time from $0.000027 to $0.000034. According to CoinGecko, trading volumes for both tokens increased by 200% over the past weekend, despite the fact that there was no surge in trading volume for cryptocurrencies overall. On futures tracking DOGE and FLOKI tokens, open interest increased from $200 million to $430 million.
The Xpayments account has already gained more than 107 thousand subscribers since its creation on January 19. Earlier in January, Platform X said it would launch an in-app peer-to-peer payments feature this year, and Musk said it may include support for cryptocurrencies down the road. While the XPayments account has yet to post – and X has not confirmed exactly what payment features it plans to offer – traders have apparently speculated that DOGE could be part of the offering due to a casual mention of it by site owner Elon Musk. X users have long hoped that Musk would somehow integrate DOGE into the platform due to X’s many cryptic posts and biography updates of the often enigmatic billionaire. Musk allowed DOGE payments on the Tesla merchandise store and changed Twitter’s logo to Dogecoin shortly after he acquired the platform in April 2023, causing DOGE prices to jump 22%. In December 2023, Musk said he expected payments on X to launch sometime by mid-2024. In 2023, the company applied for money transmitter licenses in several United States.
DOGE and FLOKI tend to rise on events related to news about companies owned by Elon Musk, such as X or Tesla. In July 2023, the Dogecoin rate increased by 9% after the appearance of the cryptocurrency symbol on the Twitter logo. Floki, named after Musk’s dog, jumped 46% last February after the billionaire posted photos of his dog. Although, generally speaking, there has been no official word on whether DOGE or FLOKI will be used in X, so such assumptions are based on the fact that Musk’s companies already accept meme tokens for payment. Electric car manufacturer Tesla Musk accepts payments in DOGE for the purchase of goods in the Tesla Store.