Dogecoin Price Rises 5% After Elon Musk’s X Marketplace Launch
Dogecoin's price increased by 5% to $0.20 on October 19, following the launch of Elon Musk’s XHandles marketplace for unused usernames.
- Dogecoin had dropped 35% from its local top of $0.27 on October 6, closing two consecutive losing weeks at $0.18 due to macroeconomic factors and market liquidations.
- The launch of XHandles has led to speculation about potential Dogecoin integration for payments on the platform.
- XHandles allows subscribers to acquire unused handles, with an official website now available for joining a waitlist.
- Open interest in Dogecoin derivatives increased by 10.62%, reaching $1.9 billion, while trading volumes rose by 6.19% to $4.6 billion.
- Short traders accounted for 70% of a total $4.7 million in liquidations over 24 hours, indicating ongoing bearish sentiment.
- Speculation about Dogecoin's integration with XHandles could drive bullish bets, similar to when X obtained payment licenses in August 2023.
- Dogecoin rebounded by 11.9% over the weekend, trading near $0.19–$0.20, with a stabilized volume around 154.3 million DOGE.
- A rise above $0.22 could signal a bullish trend towards $0.26–$0.28, while failing to hold $0.18 support might lead to targets near $0.16.
Potential integration with Musk’s X marketplace could drive a long-term rally if Dogecoin is used for payments, possibly reaching the psychological $1 mark.