- Elon Musk reinforces hope in Dogecoin potentially being used to facilitate X payments.
- DOGE holders maintain their position despite short-term pressure.
Twitter’s recent rebranding to X triggered the attention of the Dogecoin community. This was because of speculation that the day that DOGE becomes a payments processor for the microblogging platform is drawing closer.
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The community has been hoping that the Dogefather himself, Elon Musk would incorporate Dogecoin into Twitter before it was rebranded. Now the rebranding presents a chance for the social platform to evolve. It was thus interesting when Elon Musk recently mentioned in an interview that DOGE could be used to pay for content.
Will #Dogecoin become the official currency of ??pic.twitter.com/A4aJuXTxIZ
— LunarCrush (@LunarCrush) August 5, 2023
For context, Musk was in a dialogue during which he explored means through which non-subscribers can access content. It therefore did not constitute confirmation of plans to use DOGE for that purpose. Nevertheless, it did not stop Dogecoin fans from getting excited.
Dogecoin bulls take over after Elon’s statement
That excitement is particularly evident in DOGE’s price action which managed a 4.64% uptick in the last 24 hours at the time of writing. The cryptocurrency had been on a downward trajectory in the last few days. It exchanged hands at $0.074 at the time of writing.
Source: TradingView
The market’s reaction highlights a potentially major catalyst for Dogecoin if X adopts Dogecoin as a means of payments on its network. But will that become a reality? Well, the fact that Elon Musk used it as an example may indicate that he and his X team have been considering it. Also, the latest upside might be enough to push DOGE back onto the bullish trajectory that it maintained since June.
Dogecoin maintains positive investor sentiment
Although Dogecoin has experienced significant downside in the last 7 days, it maintained a bullish sentiment. This is evident by the weighted sentiment’s steady upside which indicates that most analysts maintain expectations. The same applies to the derivatives segment which maintained a positive funding rate for the last 3 weeks.
Source: Santiment
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Dogecoin’s mean coin age has also sustained a steady upside in the last 4 weeks. Confirmation that most DOGE holders were still hodling their coins even though traders have been focusing on short-term gains.
Although it maintained an overall bullish trajectory in the last 2 months, Dogecoin has also been affected by the slow market conditions. This was evident in the low volume for the majority of the time in the last 4 weeks.
Source: Santiment
