Dogecoin Price Prediction as Elon Musk’s X Payments Boosts Sentiment – Massive Rally Incoming?

cryptonews.com:

The sudden appearance of a new X Payments account on Elon Musk’s social media platform X (formerly Twitter) sent the Dogecoin (DOGE) price vaulting higher over the weekend amid a massive boost to sentiment.

The Dogecoin price pumped over 16% on Saturday, hitting its highest level in around one month near $0.10.

The new @xpayments account is yet to post any tweets.

But traders speculated that the account will reveal that Dogecoin will play a role in a future X payments platform and that this could substantially boost the Dogecoin price.

Elon Musk, who bought Twitter in late 2022, has long been an avid Dogecoin supporter.

Daily trading volumes have surged since Saturday, as per Yahoo Finance data.

DOGE/USD worth nearly $700 million changed hands on major crypto exchanges Saturday.

The Dogecoin market then saw nearly $1 billion in trading volumes on Sunday.

That’s more than triple the average daily trading volumes seen last week between Monday and Friday.

Coinglass data also shows a sudden surge in open interest in the Dogecoin futures market.

Open interest (i.e. the dollar value of outstanding Dogecoin futures positions) jumped $100 million on Saturday to over $410 million.

Meanwhile, a sudden spike in the open interest-weighted funding rate paid by traders taking out leveraged futures positions suggests that most of Saturday’s new leveraged bets were bullish.

But as the broader crypto market declines, short-term Dogecoin price predictions may remain bearish.

That’s unless Elon Musk’s X Payments account can deliver a massive rally.

If Elon Musk’s X decides to integrate Dogecoin into its highly anticipated payments system, the Dogecoin price could pump.

That’s because an X Payments integration would drastically increase the utility and