TRENDING:
Canadian Unemployment
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
Sponsored by
Login
|

Dogecoin volume and social dominance hits 2024 peak as X launches dedicated payments account

  • Dogecoin on-chain metrics volume and social dominance have hit the highest level in 2024.
  • DOGE price declined by nearly 2% in the past 24 hours after offering nearly 7% gains to holders. 
  • DOGE price plummeted to $0.0870 on January 21 on Binance. 
Dogecoin volume and social dominance hits 2024 peak as X launches dedicated payments account
Ekta MouryaEkta MouryaFXStreet

Dogecoin on-chain metrics, volume and social dominance support a price recovery thesis for DOGE. Elon Musk’s social media platform X launched its dedicated payments account handle, @xpayments, fueling anticipation among DOGE holders regarding the cryptocurrency’s acceptance as payment. 

Also read: Justin Sun withdraws $60 million in Ethereum, AAVE, SHIB, LINK among other assets from Binance

Dogecoin on-chain metrics support price gains

According to on-chain metrics seen on Santiment, volume and social dominance, DOGE price is likely to recover. Between January 1 and the time of writing, DOGE volume rallied. An increase in volume is a sign of increasing relevance of the asset and its demand among market participants. 

DOGE volume climbed from 298.68 million to 1.17 billion on January 21, as seen in the chart below. In the same time period, DOGE price declined from $0.092 to $0.086. 

DOGE

DOGE volume and price. Source: Santiment 

Social dominance of the meme coin climbed from 1.14% on January 1 to 3.45% on January 21. The rise in social dominance is a typical bullish sign for an asset, when accompanied by an increase in volume and active addresses in DOGE. 

DOGE

Social dominance of DOGE. Source: Santiment

Market participants believe DOGE could be used to make payments on X and the platform is likely to accept DOGE payments. This anticipation is likely to fuel a rally in the meme coin’s price. At the time of writing, Dogecoin price is $0.0870 on Binance.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Zcash , MYX Finance, and Dash are the top-performing assets in the top 100 cryptocurrency list over the last 24 hours. The privacy coin leads the rally while MYX and DASH struggle to clear their 100-day Exponential Moving Averages (EMA).

XRP slides amid record on-chain activity, mixed technical signals

XRP slides amid record on-chain activity, mixed technical signals

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual DEX had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.