Twitter’s X rebranding caught the attention of the Dogecoin community, fueling speculation about DOGE becoming a payment processor for the platform soon.
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With Twitter’s recent rebranding providing an opportunity for evolution, the Dogecoin community had long hoped for Elon Musk to incorporate DOGE into the platform.
Their hopes were reinforced when Musk mentioned in an interview that DOGE could potentially be used to pay for content.
Will #Dogecoin become the official currency of 𝕏?pic.twitter.com/A4aJuXTxIZ
— LunarCrush (@LunarCrush) August 5, 2023
During a conversation about ways to grant access to non-subscribers for content, Elon Musk’s mention of DOGE as a potential payment method didn’t confirm any concrete plans. Regardless, this sparked excitement among Dogecoin fans.
Elon’s Statement Ignites Dogecoin Bulls
Dogecoin’s price showed a notable 4.64% uptick in the last 24 hours, rebounding from a recent downward trend to reach $0.074 at the time of writing.
Source: TradingView
The market’s reaction emphasizes the significance of X adopting Dogecoin as a payment option. Elon Musk’s example usage indicates possible consideration by him and the X team. Additionally, the recent upside could propel DOGE back onto its bullish trajectory maintained since June.
Dogecoin Sustains Positive Investor Sentiment
Despite experiencing notable downside in the past week, Dogecoin’s weighted sentiment remains bullish, with most analysts maintaining positive expectations. The derivatives segment also reflects this positive sentiment, with a consistent positive funding rate over the last three weeks.
Source: Santiment
Dogecoin’s Strong Hodling Trend Amidst Short-term Trading Focus
Over the past four weeks, Dogecoin’s mean coin age has consistently increased, indicating that most DOGE holders have been holding onto their coins despite traders’ focus on short-term gains.
Source: Santiment
While Dogecoin has shown an overall bullish trajectory in the last two months, it hasn’t been immune to the impact of slow market conditions. Low trading volume was evident for the majority of the time in the past four weeks.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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