- Dogecoin and Floki recorded slight gains amid a market-wide price retreat.
- XPayments account goes live, Dogecoin fans rejoice over possible inclusion.
- Key on-chain signals remain bearish for DOGE despite the latest upswing.
Last weekend, two canine coins skyrocketed amid a market-wide turmoil, as tech mogul Elon Musk created an ‘XPayments’ account. The history of Dogecoin and Floki as potential options for payments on X dates back to Musk’s $44B acquisition of Twitter in October 2022.
At the time of publication, the official X Payments account has already garnered 117,000 followers on the social platform.
Speculated for a July 2024 launch, the peer-to-peer financial system on X is set to evolve around real-time transactions for physical and digital goods between users on the platform. Giving high hopes for the DOGE Army, Elon ‘The Dogefather’ Musk previously pledged not to launch a new cryptocurrency for X and assured his loyalty to the light-hearted community.
Following the ground-breaking news, memecoins DOGE and FLOKI inked 12% gains. To illustrate, DOGE soared to $0.0898 in the early hours of Sunday, January 21. Despite Dogecoin retracing 5% of its gains in the last 24 hours, DOGE remains a rare breed among the competing large market cap altcoins with 6.9% gains in the last two weeks.
DOGE & FLOKI Retrace Gains Despite Volume Surge
Ignited by the XPayments developments, DOGE and Floki also surged over 200% in trading volume across centralized and decentralized crypto exchanges. With a daily trading volume of $663 million, Dogecoin is changing hands at $0.084, according to CoinGecko.
However, the bullish crossover was short-lived for DOGE, as the on-chain signals remained mostly bearish, indicating a significant drop in large transactions. With neutral concentration signals, Dogecoin’s price movement indecision is also evident in the neutral Relative Strength Index (RSI) scale, sitting at 51.69.
Meanwhile, the merciless crypto bears have their hands on Dogecoin’s younger sibling, Floki, as the Viking-themed memecoin flopped 8% in the last 24 hours, completely wiping out last weekend’s gains. Floki trades at $0.00002993 at press time, currently 2.5% in the red weekly.
On the Flipside
- Neither Dogecoin nor Floki has been mentioned on the XPayments account since its establishment.
- Speculations on X also include a deal with PayPal, which doesn’t support DOGE or FLOKI.
Why This Matters
Inclusion in the peer-to-peer payment system on X would bring a substantial utility case for crypto.
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