Dogecoin (DOGE), the meme-inspired cryptocurrency that has won the hearts of many crypto enthusiasts, has been on a tear lately. It was gaining 25% in value in the last two weeks and 10% on Tuesday alone.
The rally has pushed DOGE’s market capitalization to over $10 billion. Furthermore, it is surpassing Cardano (ADA) as the seventh-largest cryptocurrency by market cap, according to data from Binance and TradingView.
DOGE Rallies on X Rebrand
One of the main drivers behind DOGE’s surge is the speculation that it could soon be accepted as a payment option on X, the rebranded version of Twitter that launched on Monday.
X is a social media platform that aims to offer a variety of services, such as gaming, streaming, e-commerce, and more. The platform’s owner, Elon Musk, is a well-known fan of DOGE and has often tweeted about it, boosting its popularity and price.
In April, Musk hinted that DOGE could be one of the payment methods for X’s premium subscription service, Twitter Blue. He also announced that his electric car company, Tesla, would accept DOGE for merchandise purchases on its online store.
These developments have fueled the hopes of DOGE holders that the coin could become more widely adopted and used in the near future.
Dogecoin Perpetual Futures Market Reflects Renewed Bullish Sentiment
The bullish sentiment is also reflected in the perpetual futures market for DOGE, where the open interest, or the value of active contracts, has topped $500 million for the first time since April 19, according to data from Coinglass. This indicates an influx of new money and interest into the market.
However, DOGE is not without challenges. The coin faces strong resistance from sellers at the $0.083 and $0.088 levels, according to crypto analyst Ali Martinez. He also identified the $0.070–$0.076 range as a crucial support zone for DOGE.
If DOGE can break above the resistance levels and hold above the support zone, it could continue its upward momentum and challenge its yearly high of $0.1190, reached in April.
DOGE Price Action
DOGE currently trades around the $0.0780 mark as of the time of making this report, falling by over 6% on Wednesday. The cryptocurrency, which traded around the $0.0850 area earlier today, saw its price nosedive following the chatter around the US Fed’s decision to raise interest rates by 25 basis points. This reversal effectively put an end to the cryptocurrency’s bullish streak this week.
Regardless, DOGE trades close to its highest level since April. This indicates that there’s still a decent chance for the cryptocurrency to approach the $0.0900 mark before the end of July. With the renewed bullish flow in the market, DOGE just might recover the $0.1 handle in the next few weeks.
DOGE Statistics Data
Current Price: $0.0780
DOGE Market Cap: $11B
Circulating Supply of DOGE Token: 140.4B
Total Supply: 140.4B
DOGE Market Ranking: #7
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