Dogecoin (DOGE) appears to be gearing up for a potential price recovery, supported by positive on-chain metrics, heightened trading volume, and growing social dominance. The surge in interest is further fueled by the introduction of a dedicated payments account handle, Xpayments, by Elon Musk’s X platform. This has intensified speculation around DOGE’s acceptance as a form of payment.
Analyzing on-chain metrics, Santiment’s data shows an increase in DOGE trading volume from January 1 to date. In this period, DOGE’s volume registered a significant increase that jumped from 298.68 million to 1.17 billion on January 21. This increase in volume signifies the increasing importance and demand of DOGE among market participants, a possible revival for this cryptocurrency.
Subsequently, the social dominance of Dogecoin has witnessed a positive trend, rising from 1.14% on January 1 to 3.45% on January 21. This increase in social dominance, when coupled with rising volume and active addresses, is a classic bullish signal for an asset. The combination of these factors suggests heightened market interest and positive sentiment surrounding DOGE, setting the stage for a potential upward price movement.
Currently, Dogecoin is priced at $0.083414 which is a slight 2.12% decrease in the past day as per recent data available. The current live market cap stands at $11,907,705. Although the price has dipped slightly within this timeframe, overall market sentiment remains positive, a fact that aligns with the upward trend noted in on-chain metrics.
Market participants are currently optimistic about the future prospects of DOGE integration as a payment option on Elon Musk’s X platform. The DOGE usage in transactions on X has raised excitement among holders, which positively affects the outlook of the meme coin. This anticipation is thought to be a catalyst for an imminent price rally in DOGE.
