DOGE has reclaimed the spotlight alongside other altcoins like Cartesi [CTSI], Ondo [ONDO], Ampcoin [AMP], and Manta in the recent surge of mid-sized breakouts. Particularly noteworthy is MANTA, which gained traction after securing listings on prominent exchanges including Binance, Bithumb, Bitget, and Bybit. Santiment’s report indicates that these tokens, experiencing notable pumps, carry a higher likelihood of short-term corrections or rebounds, often influenced by the discussions among novice traders and the mainstream crowd, fostering FOMO-related peaks or FUD-related troughs.
“Pumping assets on the list have a significantly higher probability of correcting in the short term or bouncing if they have been dropping.”
Dogecoin’s prominence persists, fueled by the upcoming mid-2024 launch of in-app payment services in X. The driving force behind this initiative is none other than Elon Musk, a renowned DOGE enthusiast. Although Musk has neither confirmed nor denied the integration, the community remains optimistic, drawing parallels to Tesla’s acceptance of Dogecoin for purchases at the Tesla Shop under Musk’s leadership.
Doge is rising as speculation abounds from the creation of the Xpayments account Elon has never erred in his support of the coin, even against tremendous pressure during a prolonged bear market X Payments are the utility that coin deserves—giving thee People control of their money!
Anticipation for Xpayments is high, with many deeming it a potential game-changer. The speculation has triggered a 200% surge in Dogecoin’s trading volumes over the weekend, according to CoinGecko data, even as overall crypto volumes exhibited relative stability amid limited volatility.
DOGE Bets Surge
Concurrently, futures tied to the token witnessed a surge in open interest, soaring from $200 million to a cumulative $430 million, indicating rising confidence among investors. Despite debates about utility in the realm of meme coins, Dogecoin’s dominance in transaction numbers is indisputable, as highlighted by data from IntoTheBlock.
On January 20, the crypto asset recorded a robust 13% climb within a nine-hour window, reaching a seven-day high of $0.089 on January 21. Subsequently, the token experienced a marginal 2% dip in the past day and is presently trading at $0.081. As the memecoin wars unfold, Dogecoin remains a notable player, leveraging its transactional prowess amid the evolving crypto landscape.