The sudden appearance of a new X Payments account on Elon Musk’s social media platform X (formerly Twitter) sent the Dogecoin (DOGE) price vaulting higher over the weekend amid a massive boost to sentiment.
The Dogecoin price pumped over 16% on Saturday, hitting its highest level in around one month near $0.10.
The new @xpayments account is yet to post any tweets.
But traders speculated that the account will reveal that Dogecoin will play a role in a future X payments platform and that this could substantially boost the Dogecoin price.
Elon Musk, who bought Twitter in late 2022, has long been an avid Dogecoin supporter.
Daily trading volumes have surged since Saturday, as per Yahoo Finance data.
DOGE/USD worth nearly $700 million changed hands on major crypto exchanges Saturday.
The Dogecoin market then saw nearly $1 billion in trading volumes on Sunday.
That’s more than triple the average daily trading volumes seen last week between Monday and Friday.
Coinglass data also shows a sudden surge in open interest in the Dogecoin futures market.
Open interest (i.e. the dollar value of outstanding Dogecoin futures positions) jumped $100 million on Saturday to over $410 million.
Meanwhile, a sudden spike in the open interest-weighted funding rate paid by traders taking out leveraged futures positions suggests that most of Saturday’s new leveraged bets were bullish.
But as the broader crypto market declines, short-term Dogecoin price predictions may remain bearish.
That’s unless Elon Musk’s X Payments account can deliver a massive rally.
Dogecoin (DOGE) Price Prediction – Massive Rally Incoming?
If Elon Musk’s X decides to integrate Dogecoin into its highly anticipated payments system, the Dogecoin price could pump.
That’s because an X Payments integration would drastically increase the utility and adoption of the cryptocurrency.
Meme coins like Dogecoin can experience rapid short-term rallies on bullish narratives like this.
Dogecoin’s long-term technicals are also looking good.
After breaking above its long-term downtrend from the late 2021 highs, the Dogecoin price is holding above its 200DMA.
If the Dogecoin price can break above its $0.056-0.107 2023 range, the sky is the limit.
Dogecoin could certainly 10x this bull market to hit new all-time highs.
Meme Coin Alternative to Consider – Sponge V2
But Dogecoin’s prospects depend heavily on Elon Musk’s plans.
Dogecoin thus remains a highly risky bet.
Crypto investors with a high-risk tolerance who are looking for a better chance of near-term gains should look no further than Sponge V2 ($SPONGEV2).
Sponge V2 is the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x.
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
Over $5 million worth of $SPONGE tokens have already been staked and are gaining an APY of over 300%.
$SPONGE Update!
We’ve hit a new milestone with 5,390,882,888 tokens staked, valued at $5,233,589.24!
With a current APY of +300% and a price of $0.0009663 (+18% increase), $SPONGE is stronger than ever.
Don’t miss out, join the takeover! #SpongeV2 #Web3 #Alts pic.twitter.com/GMhqAnTehI
— $SPONGE (@spongeoneth) January 19, 2024
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game racing game.
Get set to explore the unique #PlayToEarn game in #SpongeV2!
Play, enjoy, and earn $SPONGE!
Visit our website to get involved before it’s too late. #P2E #Bullish #MemeCoin #Web3 pic.twitter.com/bI8DLlgfA9
— $SPONGE (@spongeoneth) January 16, 2024
Hype surrounding Sponge V2 has driven significant gains in the price of the original Sponge token in recent weeks.
$SPONGE gained another 20% on Friday to near its all-time highs just above $0.0012.
The meme coin is up an impressive near 10x since the start of November.
Sponge Price Chart / Source: DEXTools
At a still tiny market cap of $22 million, the meme coin has a lot of potential upside as traders keep flocking to Sponge V2.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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