Dogecoin (DOGE) has recovered from its gloomy performance with a notable price jump over the past day.
The meme token gained nearly 3% on its daily chart to hover at $0.1259 during this publication.
Positive comments from BitMEX founder Hayes and the latest statement about X Payments LLC excited Dogecoin enthusiasts, triggering the price uptick.
Arthur Hayes recently affirmed that he will increase his investments in DOGE and Pendle. He has been somewhat vocal about the themed token, even forecasting a Dogecoin ETF soon.
The endorsement shows Haye’s confidence in Dogecoin’s future potential.
Further, the optimistic news from X CEO Linda Yaccarino bolstered DOGE’s trajectory, with some enthusiasts awaiting explosive price moves.
Though with scarce details, she revealed an upcoming Venmo-like payments platform on the social site.
While the updates didn’t mention DOGE, past remarks from Elon Musk (DOGE Father) fueled speculations.
The Tesla billionaire has supported Dogecoin with bullish posts, even driving the alt to ATH prices in 2021.
Musk has also emphasized the need for more revenue streams on X, and enthusiasts anticipate DOGE payment integration.
Whale actions dents Dogecoin’s outlook
While the meme crypto regains upside momentum, recent transactions by large-scale players have raised worries about DOGE’s price direction.
An unidentified whale moved 99,321,007 Dogecoin tokens (worth around $12.08 million) from an anonymous address to Robinhood.
Massive crypto transfers to CEXs often welcome bearish actions, suggesting a possible token dump.
Whale movements impact market sentiment, triggering price volatility.
Nevertheless, Dogecoin shows resilience, rebounding despite pessimistic actions by market movers.
Crypto market bracing for ‘sideways summer’
While the digital assets space attempts recoveries, analysts predict future movements in the market.
Meltem Demirors of CoinShares commented on the market’s state ahead of summer, forecasting sideways price actions.
Watch here: https://www.youtube.com/embed/fimu4jZaVq4?feature=oembed
Demirors stated that the ETFs boosted buying activities in the crypto sector early in 2024. However, she believes the current outlook reflects stagnation after solid rallies and corrections.
She believes identifying new buyers, their favorite purchases, and their origins is crucial in navigating the prevailing uncertainty in the digital assets markets.
Meanwhile, the latest DOGE price increase amid endorsement by influential figures showcases the token’s dynamic nature while exploring the choppy crypto waters.
While whale actions trigger doubt, optimistic sentiments and possible X Payments integration paint a lucrative picture for DOGE.
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