Dogecoin price took an interesting turn in the last day, going against the bearish wave that destroyed the majority of the cryptocurrency market. Given that the meme coin is green at a time when the majority of the market is experiencing losses, this has led to speculation about what could be behind its price rise. Therefore, this report analyzes Dogecoin developments that occurred in the last day that could explain why its price is in the green.
Dogecoin payments are coming to X
One of the main drivers of Dogecoin's recovery over the last day has been growing speculation that DOGE payments will be coming to X (formerly Twitter). With these expectations that DOGE payments will reach payment platforms, this has led to an increase in demand for the DOGE meme coin.
The speculation started when a member of the Dogecoin community made a mail They heard that DOGE payments have finally arrived on the platform. The community member expressed their excitement about this, explaining that it felt like the first time they had purchased DOGE.
Naturally, this caught the attention of some community members, giving rise to the meme coin. At that time, Dogecoin's daily trading volume soared, and around the same time, the price soared while the broader market struggled.
However, this is not the only development that has caught attention, as BitMex founder and cryptocurrency millionaire, Arthur Hayes, has shown support for Dogecoin, revealing that he currently owns some of the altcoins.
Arthur Hayes predicts a rally for DOGE
Amid the downtrend that has rocked the cryptocurrency space, with cryptocurrencies like Dogecoin suffering major crashes, Arthur Hayes found it to be an ideal time to buy. Speaking to X (formerly Twitter), Hayes revealed that he actually likes the current downtrend that has sent the “dirty coins” soaring and is using it as an opportunity to buy more.
Altcoins that Hayes revealed he is currently purchasing include Dogecoin and Pendle, an altcoin that the BitMex founder previously announced his support for. “I like this volatile sideways trend to cut down on the price movement of cryptocurrencies. “I'm adding to my portfolio of $PENDLE and $DOGE,” Hayes said. mail is reading.
Given Hayes' influence in the cryptocurrency market, coupled with expectations that Dogecoin payouts would reach X, it was a boost for the altcoin. While the likes of Bitcoin suffered, DOGE price rose more than 3% in the red, eventually finding support above $0.2.
Featured image created with Dall.E, chart from Tradingview.com