Dogecoin (DOGE) Hits 2-Year High Fueled by X Integration Rumors

In the last 24 hours, bullish momentum has had the upper hand in the Dogecoin (DOGE) market. After starting the day at a price of $0.1986, DOGE rallied to $0.2266, its highest level of since 2021. This surge comes amidst a backdrop of increasing transaction volumes and speculation surrounding the potential integration of Dogecoin on the social media platform X, owned by Elon Musk.

DOGE/USD 24-hour price chart (source: CoinStats)

The surge in Dogecoin’s price is accompanied by a 17% increase in trading volumes, reaching $5,869,996,594 within the past 24 hours, while its market capitalization surged by 6% to $5,869,996,594. This surge in trading activity signifies growing investor interest and participation in the DOGE market, fueling the upward momentum of the cryptocurrency.

Furthermore, futures tracking Dogecoin have witnessed a surge in open interest, climbing to nearly $2 billion across various crypto exchanges. This rise in open interest indicates increasing bets on price volatility and reflects the confidence of traders in the potential price movements of Dogecoin in the near term.

Speculation on X Integration and Elon Musk’s Influence

Speculation about the potential integration of Dogecoin on the social-media platform X has been circulating within the Dogecoin community, fueled by posts from prominent members discussing the token’s usage on the platform. Elon Musk’s endorsement of Dogecoin further amplifies this speculation, given his ownership of X and his previous support for the cryptocurrency.

The anticipation surrounding Dogecoin’s integration on X has contributed to the bullish sentiment surrounding the cryptocurrency, driving trading interest and pushing its price to new highs. However, there has been no suggestion from X regarding the implementation of Dogecoin as a payment option on the platform, leaving the speculation to fuel market dynamics.

Whale Activity and Market Performance

Amidst the bullish momentum, notable whale activity has been observed within the Dogecoin market. Large holders of Dogecoin, commonly referred to as whales, have made significant transactions. In one of the transactions, approximately 200,000,000 DOGE (equivalent to $43,026,934) was transferred from an unknown wallet to Robinhood.

Concurrently, another whale moved 64,438,642 DOGE (13,816,320 USD) from Robinhood to an unknown wallet. While some whales have engaged in profit-taking by transferring their holdings, others have accumulated more DOGE, contributing to the price fluctuations of the cryptocurrency.

Despite the potential sell-offs triggered by whale activity, Dogecoin has maintained its upward trajectory, currently priced at $0.2131, a 6.47% from the day’s low.

DOGE/USD Technical Analysis

Keltner Channel bands are trending upward and broadening on the DOGEUSD 24-hour price chart, with the top, middle, and lower bands hitting $0.2161, $0.1707, and $0.1284, respectively. This suggests a strong bullish trend with potential for higher movement since the upper band has been exceeded, implying that the present positive momentum will be maintained.

The Chaikin Money Flow (CMF) trend in the positive zone, with a rating of 0.17, contributes to the optimistic attitude by signaling significant purchasing pressure in the market. However, its trajectory south signals a potential decline in purchasing pressure, with traders taking profits.

DOGE/USD 24-hour price chart (source: TradingView)

Furthermore, the Relative Strength Index (RSI) rating of 68.31 is reaching an overbought area, signaling a potential drop. However, since the RSI has yet to be overbought, the price may still have the opportunity to rise further.