Dogecoin (DOGE) takes advantage of rumors around X Payments to start rising again


January 22, 2024 05:16 UTC+1
| 3 min read

dogecoin-price

While Elon Musk’s X application has received authorization in the Utah region, speculation of crypto payments on the platform is causing Dogecoin to explode.

Dogecoin and X

Xthe platform acquired by the billionaire Elon Muskrecently created an account X Payment and received authorization from the authorities to provide payment services in Utah.

Indeed, X Payment was one of the priorities by Elon Musk in the process of creating an all-in-one application. An important aspect to note is that he warned that only fiat currencies will be available initially. Particularly due to authorizations and regulations.

However, the billionaire has never denied the possibility of having crypto payments on the platform. It is in this context that many crypto enthusiasts have raised the possibility of using many cryptos, including DogeCoin, as a means of payment.

Indeed, DogeCoin seems to be an obvious choice, as Elon Musk has never hidden his love for the most popular coin on the market. As a result, Dogecoin jumps by 14% this Sunday to reach 12 billion market cap.

“Speculation is that advertisers might be able to pay in DOGE for ads and other uses on X. We saw the same thing when Tesla revealed the ability to pay for its goods with DOGE.” explains Simon Schaber, CBDO of Spool DAO, at CoinDesk.

Should you buy Dogecoin now?


Using curves EMA 200 and 50we observe a bullish and bullish pattern over the medium termbut one repositioning from a short-term point of view.

Then using the Bollinger bands, we observe an immediate retracement at the heart of the band, after the first upward overshoot. The short-term battle therefore leads us to believe that the price could be undecided over the coming days.

Finally, from a long-term point of view, 2 key resistors will have to be exceeded to hope for DogeCoin at one dollar: a at $0.104 and the other at $0.137. Dogecoin at $1 still seems a long way from reality.

“DOGE is trading above the 100-day EMA at $0.08070, with an RSI of 48.26, indicating a neutral market. Doge has only 13 green days in the last 30 days and is currently down -88% from its all-time high. The token needs to gain an increase of 1091.61% to reach $1. If we analyze historical data, Doge fell by 10% monthly, by 2.48% in 6 months and by 2.3% year-on-year. According to our analysis, reaching $1 for Doge in the first quarter of 2024 seems unlikely.”says Coinpedia Markets.

SpongeBob on the same corner train?


Obviously, if DogeCoin were to explode, it could bring with it many same coins in its wheel. And one of the same corners that attracts the most attention in the industry is the SPONGE V2 token.

Indeed, while V1 had a resounding journey in 2023, making many investors millionaires, the token is experiencing a revival with a new version.

V1 token holders can now stake the token to get the new version as a reward. They offer a Phenomenal 340% APY and more.
According to many YouTubers, the token could know the same x100 as the first version in 2023.

“My expectations are very high for the SPONGEV2 token. I think V2 can absolutely accomplish what the first version did. It’s just a matter of time.” declares the YouTuber with 110k subscribers, ClayBro.

This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.

Source: CoinDesk

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