Memecoin has pumped nearly 15% in the past 24 hours. The recent price pump can be attributed to the significant whale activity and increased trading volume in the past 24 hours.
DOGE has been acquired by crypto whales, with a purchase volume of up to 1.08 billion DOGE. In addition, the trading volume of memecoins has increased significantly by 190%. The sharp increase in activity may be a signal of increasing trust in the tokens.
In addition, recent developments have increased discussions about DOGE, especially its connection to Trump's inauguration. It is speculated that Elon Musk's endorsement of DOGE and Trump may be the driving force behind the recent price pump.
It is worth noting that Surf DOGE, a cryptocurrency analyst, has shifted its 3-month super trend indicator to bullish. The last time this indicator turned green was in April 2017. It led to a huge 5,587% pump in January 2018 and further soared 3,837% to $0.7390 in May 2021. If history repeats itself, DOGE may usher in another bull market. Analysts discuss the possibility of DOGE reaching $0.50.
DOGE has once again demonstrated its ability to pump rapidly. Its recent activities may even be the beginning of something more significant. Analysts are now speculating whether DOGE can regain its former glory and reach new heights.
Some technical analysis emphasizes that DOGE is showing a clear tendency to pump. This change in market dynamics occurred after the recent price surge of DOGE surpassed the key demand threshold.
"Strong buy signal" could mean that this momentum could take DOGE to $0.50, which is a key psychological and technical level.
However, for this to happen, DOGE needs to overcome the resistance of local highs. Breaking through these resistance levels may lay the foundation for a significant pump in price, which may reflect the strongest trend in the previous market cycle. It is worth noting that with Trump's inauguration just two weeks away, it is widely expected that DOGE will be affected by the new government. Therefore, achieving this goal requires the continued support of a broader market and the ongoing participation of its professional community.
Ultimately, if the bullish trend continues, DOGE has the potential to once again lead the realm of shitcoins. This will remind people of the ability of the original meme coin to surprise even the most experienced traders. Meanwhile, DOGE is priced at approximately $0.389, up 11.51% in the past 24 hours and 23% in the past week.
Will DOGE benefit from Elon Musk's new payment system?
Social media platform X announced plans to launch a payment processing platform this year. The company, owned by Tesla CEO Elon Musk, is one of the most prominent supporters of DOGE.
Recently, MacRumors released leaked source code, which is said to come from X's new online payment service. Although there is no official confirmation that the code actually comes from the upcoming payment platform, it is said that this news has increased people's enthusiasm for the service. The crypto industry is eagerly waiting to see if it will incorporate any cryptocurrencies and which ones.
So far, there is no indication that DOGE will integrate into the X payment network, but it has not hindered the good growth of this popular meme token. On the contrary, it may have affected the momentum of growth.
It is worth noting that as a token primarily used for speculative investment and payment mechanisms, the valuation of DOGE is closely related to adoption trends and overall market dynamics. Therefore, if X's payment system adopts this token as one of the main supported cryptocurrencies, it may lead to a significant pump in valuation.