The price of Dogecoin (DOGE) jumped almost 10% after Twitter received a license for cryptocurrency payments from the Rhode Island state regulator.
On Monday, information appeared in the media that the social platform Twitter, owned by the famous Dogecoin supporter Elon Musk, received a license for cryptocurrency payments. Now market participants are actively speculating about whether the popular memcoin has a chance to become the official means of payment of the site and gain recognition from the wider public.
Dogecoin has received significant media attention
While the main story this week was Grayscale's victory in its case against the Securities and Exchange Commission (SEC), Dogecoin also managed to attract attention.
The Santiment graph below shows that between August 27 and August 29, DOGE's social dominance increased from 1.05% to 1.9%.
The Social Dominance metric measures the percentage of mentions of a specific cryptocurrency in relation to the 50 most discussed projects. The surge recorded at the beginning of the week indicates that the receipt of a license for cryptopayments by Elon Musk’s company has significantly fueled interest in the asset.
However, another important on-chain indicator, meanwhile, is sending red signals.
DOGE Traders Take Profits
Market participants expectedly decided to take advantage of the market euphoria and take profits. According to data on the depth of the exchange market, traders opened orders to sell 563 million and to buy 335 million DOGE.
The Exchange On-chain Market Depth chart shows the volume of orders placed on centralized exchanges. At the moment, the supply of Dogecoin exceeds the demand by 228 million coins. This suggests that the price of memcoin is under serious pressure.
Dogecoin price forecast: correction to $0.060
If traders remain bearish, DOGE price could fall below $0.060 in the coming days.
This forecast is confirmed by the In/Out of Money Around Price data, which reflects the distribution of entry prices into the positions of current Dogecoin holders. The 77,000 addresses that purchased 4 billion coins at an average price of $0.063 will provide significant support to the asset. If they fail, DOGE will move towards $0.058.
The emergence of another positive news about Twitter or Musk’s hints about the integration of Memcoin as an official means of payment will help the bulls push Dogecoin towards the $0.080 mark. However, 164,000 wallets buying 20 billion coins at an average price of $0.073 could slow down the rally or cancel it out.
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