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Dog-themed cryptocurrency Dogecoin (DOGE) has seen a remarkable surge in trading volume in the last 24 hours as the price saw a breakout and rallied to a four-week high. The altcoin is currently the ninth largest cryptocurrency by market capitalization, with a valuation of over $12.33 billion.
According to data from CoinMarketCap, the 24-hour trading volume of DOGE increased by nearly 250%, reaching $1.18 billion at press time. The volume surge indicates strong interest and activity in the DOGE market, as buyers and sellers exchanged massive amounts of the cryptocurrency.
The volume spike also coincided with a significant price increase, with Dogecoin surging to highs not seen since Dec. 21.
Dogecoin jumped to highs of $0.097 from $0.078 on Jan. 20, and the gains continued until press time, with the DOGE price rising 10% in the last 24 hours to $0.0856.
Crypto enthusiasts are speculating about the possibility of cryptocurrency payments on X following the launch of a dedicated account for its forthcoming payments feature later in 2024.
As reported, Elon Musk's social media platform X, formerly known as Twitter, is anticipated to launch peer-to-peer payments this year.
However, it is unclear whether the feature will support payments in other than traditional fiat currencies.
DOGE price: What to watch
The Dogecoin price surpassed the daily MA 50 barrier at $0.089 for the first time since January 2024. The price of Dogecoin reached a high of $0.097, but bulls' efforts fell short of $0.10, preventing them from removing an extra zero from the price.
The DOGE price then retraced, dropping below the MA 50 barrier at $0.089. On the upside, Dogecoin must break over the $0.097 high before buyers attempt to push Dogecoin to the overhead resistance zone between $0.10 and $0.11.
On the other hand, if the Dogecoin price reverses, bears may attempt to drive it down to a retest of the $0.074 level.
According to crypto analyst Ali, as long as the $0.074 support cluster continues to hold, DOGE has a great chance of rebounding to $0.100 or higher.