Over the past 24 hours, the Dogecoin price has seen a modest 2.45% gain, contributing to overall market growth with meme coins up an average of 5.30%. Meanwhile, rumours of X integrating DOGE as a payment method have sparked particular interest in the coin.
This revived growth provides some relief from Dogecoin’s recent rut, reclaiming some of the 21.26% loss since last Wednesday – a decline that reflected wider market trends observed among other notable cryptocurrencies.
The likes of which have erased the progress made by Dogecoin in recent weeks, placing it at an 8.77% loss over the past month
Notably, the recent volatility appears to be stabilizing as trader activity subsides, with trading volume plummeting 53.56% to 975.11 million in the past 24 hours.
Traders Believe Dogecoin Payments Could Come To X
This stability comes amid anticipation of a Dogecoin integration into X’s forthcoming payments feature.
Last year, Elon Musk, the owner of X, shared his vision of transforming X into an “everything app,” with the payment service being a key element.
Swak, an X user known for leaking upcoming app features, revealed that the payments feature is now in development on X.
Analysis of the X payments development code shows no direct mention of Dogecoin. However, a web URL (/i/payments/verify-payment-method) suggests that multiple payment methods will be available.
This prospect has fuelled speculation among Dogecoin investors, who cite Musk’s past and ongoing public support for Dogecoin as grounds for potential DOGE integration.
Notably, Musk recently reaffirmed his fondness for Dogecoin, stating that he has a “soft spot for Dogecoin because I like dogs and memes.”
At the same time, he remarked that he has no affinity for Bitcoin or other cryptocurrencies, suggesting that Dogecoin could be the only crypto integrated into the payment system.
However, we are unlikely to see X payments roll out in the near term. So far, the social media platform has acquired money-transmitting licenses in 35 states, with the latest coming from North Dakota.
The platform still needs licenses from 15 more states before launching the payment feature nationwide, and it’s unclear how quickly these licenses will be acquired.
What Does X Doge Integration Mean For Dogecoin Price?
With this significant news, a closer look at the Dogecoin price chart suggests that Dogecoin has been affected.
Most significantly, since the initial X post, Dogecoin’s relative strength index has held firm above the 50 mark. This represents a neutral stance as Dogecoin has begun to stabilize, now erring on bullishness.
In recent hours, the relative strength index (RSI) (purple) has risen to the 65 mark, a potential indicator of further gains in the near term as buying pressure mounts.
A prospect supported by the 20EMA (yellow), which displays a renewed uptrend in light of the news. However, it should be noted that the wider trend, the 200EMA (blue), still remains firm in its decline.
Given that a potential Dogecoin integration is still largely speculative, we may not see the true extent of its impact until official confirmation.
However, it is important to acknowledge the potential impact it may have if it comes to fruition. Something traders have cited to brew a new meme coin season, breathing new life into Dog coins and ERC20 tokens.
X Payments account launched today.
Because of this $DOGE and $FLOKI have started sending.
If Elon actually implements DOGE or other meme coins as payment methods then we’re gonna get the craziest dog coin (or general meme coin) season ever. pic.twitter.com/z8368vBom8
— Byzantine General (@ByzGeneral) January 20, 2024
Although traders may be tempted by this bullish sentiment, the current bearish market climate, driven by fears of a US recession, warrants careful consideration.
This DOGE Alternative Has High Gains Potential
It will likely be a while until we see the full rollout of X payments, inhibited by licensing hurdles. Therefore there may not be any significant Dogecoin price action in the near term.
Therefore, traders may find a strategic advantage in diversifying into newer, more promising opportunities.
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