Dogecoin, the largest memecoin by market cap, saw a significant price surge, reaching a weekly high of $0.08978 after the creation of a new XPayments account on a platform with over 100,000 followers. The cryptocurrency experienced a 12.8% increase within nine hours on January 21.
Investors speculate that Dogecoin may be included in the offerings of XPayments, despite no official confirmation or announcement from the account. This speculation is fueled by the platform owner Elon Musk’s occasional mentions of DOGE on social media.
Users are hopeful that Musk will integrate DOGE into the platform, given his cryptic posts and bio updates on the platform, which often hint at future developments involving the cryptocurrency.
Musk has previously endorsed DOGE by accepting it for payments in Tesla’s product store. After acquiring the platform in April 2023, he briefly changed Twitter’s logo to the Dogecoin logo, resulting in a 22% price increase for DOGE. Musk also mentioned that he expects payments on the platform to launch by mid-2024, and the company applied for regulatory licenses in several U.S. states last year.
Technical analysis of the four-hour DOGE chart shows a resistance trend line that was not conclusively broken despite the recent surge. Key support levels to watch are $0.08246, $0.07961, and $0.07677, while resistance levels are $0.08410, $0.08630, and $0.08875, which could indicate further momentum if surpassed.