Dogecoin price has made an interesting turn in the past day, bucking the bearish wave that has hit most of the cryptocurrency market. Given that this meme coin is rising at a time when most of the market is in losses, speculation is rife as to what is behind the price increase. Therefore, in this report, we will analyze the movements of Dogecoin that have taken place in the past day that could explain why the price is rising.
Dogecoin payments now available on X
One of the big factors behind Dogecoin’s recovery over the past day has been the growing speculation that DOGE payments will be introduced to X (formerly Twitter). Anticipation of DOGE payments being introduced to the payment platform has led to increased demand for the DOGE meme coin.
The speculation began when members of the Dogecoin community posted that they had heard that DOGE payments were finally coming to the platform. Community members were excited about this, explaining that they felt like they were buying DOGE for the first time.
Naturally, this caught the attention of some members of the community, leading to a push for the meme coin. At the time, Dogecoin’s daily trading volume skyrocketed, and its price rose around the same time, but the overall market took a hit.
However, this is not the only thing that has attracted attention, as Bitcoin founder and crypto billionaire Arthur Hayes has voiced his support for Dogecoin and revealed that he currently owns some of the altcoin.
Arthur Hayes Predicts DOGE to Rise
Amid a downtrend rocking the cryptocurrency industry, with meme coins like Dogecoin suffering major crashes, Arthur Hayes thought now was the time to buy. Hayes revealed on X (formerly Twitter) that he actually likes the current downtrend that is sending “shitcoins” plummeting, and is using it as an opportunity to buy more.
The altcoins Hayes revealed he’s currently buying include Dogecoin and Pendle, an altcoin the BitMEX founder has previously endorsed. “Love this volatile sideways to downward shitcoin price action. Adding to my bags of $PENDLE and $DOGE,” Hayes’ post read.
Hayes’ influence in the cryptocurrency market and hopes that Dogecoin will be introduced as a payment method on X have boosted the altcoin. As Bitcoin and others struggle, Dogecoin’s price rose by more than 3% in a red market, eventually finding support above $0.2.
Featured image created by Dall.E, chart taken from Tradingview.com
