Dogecoin Price Soars 10% Amid Musk’s XPayments Announcement

Share on Facebook Share on Twitter

Dogecoin (DOGE) Increases by 10%: Is Elon Musk the Reason?

The price of Dogecoin [DOGE], the world’s largest meme coin, has suddenly exploded after days of sideways movement. There could be several reasons for this increase, but a crucial role could once again have been played by Elon Musk.

Dogecoin on the Rise!

A look at the data from CoinMarketCap shows that the price of DOGE, like most other cryptocurrencies, was flat for several days. However, its value increased by more than 10% in the last 24 hours alone. This increase turned both its daily and weekly charts green. At the time of writing, DOGE was trading at $0.08648, with a market capitalization of over $12.3 billion. The upward trend was also accompanied by an increase in daily trading volume of more than 200%.

Elon Musk and His Role

A main reason for this recent upward trend could be Elon Musk’s latest decision. Musk, who has always been an enthusiastic supporter of DOGE and never missed an opportunity to generate hype around the meme coin, recently launched his official XPayments account on his X platform (formerly Twitter). When Musk previously announced his plans to integrate Dogecoin and X, the price of the meme coin also soared.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Will the Hype About XPayments Help Dogecoin?

The current price increase of DOGE was sufficient to excite investors. Our analysis shows that DOGE’s MACD (Moving Average Convergence Divergence) indicates a bullish crossover, suggesting a further upward trend. However, the remaining indicators looked bearish. For example, the price of DOGE touched the upper limit of the Bollinger Bands. Its Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) also showed downward movements, suggesting that the price’s upward movement could end sooner than expected.

Conclusion

Although the current price increase of Dogecoin was influenced by Elon Musk’s activities, investors should be cautious. The technical indicators suggest that the upward movement could end soon. It is therefore important to closely monitor developments and make informed decisions.

Share on Facebook Share on Twitter
Casinos: 38
Profile Dogecoin
Symbol DOGE
Coin type Alt Coin
Transaction Speed Medium
Pros
  • One of the fastest coins for payments
  • Easy entry into the crypto world
Cons
  • As an original Bitcoin parody, offers no technical innovations
Price 0,14 €
Percent Change 24h 8,72 %
Percent Change 7d -8,57 %
Percent Change 30d -1,95 %
Percent Change 60d -12,51 %
Percent Change 1y 144,52 %
Market Cap 19.918.291.580,00 €
Official Links
Socials Reddit | X
Best 3 Dogecoin casinos

Latest News

Created by

I have enjoyed following the international iGaming industry since my first encounter at the age of 23. Fascinated by its diversity and complexity, I was hooked and have never left the industry since. Here at KC, I am a proud member of the founding team as well as the content team. We use everyone's knowledge to find every possible flaw in a casino so you can relax and play.
Reviewed by
Nerd of Numbers

Last update: 11. June 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.