Dogecoin has been on a bullish roll this week in particular.
Just when the “Trump Pump” was starting to die down, Elon Musk reignited the Dogecoin rally with a cryptic hint at a Dogecoin/X-Payments integration.
Analysts have varying predictions, with targets ranging from $0.65 to $1 soon.
Dogecoin's ability to hit the $1 mark over the next few weeks will depend on what happens next.
Dogecoin, by far the most popular memecoin, has been growing significantly lately.
The memecoin recently exploded in price after Donald Trump was elected as the new president of the United States after beating Kamala Harris at the polls.
After some fresh speculation, the memecoin consolidated some more in between and is now on the move again.
According to reports, Dogecoin could be at the helm of incoming payment functionalities on Twitter (X).
Here are all the details of this speculation, how Dogecoin is currently performing, and what analysts believe the future holds for the king of memecoins.
Elon Musk’s influence over Dogecoin might have waned over the years—but it is still pretty strong, as the events of the last few days have shown.
The billionaire entrepreneur sparked a fresh wave of speculation with a recent post on X, in which he shared a screenshot of podcaster Joe Rogan’s X profile.
Interestingly, this screenshot of Rogan’s profile featured a dollar icon.
Users immediately began speculating about whether this icon represented a new payment feature.
One of them even theorized that the icon Musk reposted might signal the long-awaited X Payments service.
To which Musk replied with a simple "True."
New payment feature on X?
While Musk or Rogan's tweets did not explicitly mention Dogecoin as a payment method, Dogecoin has often reacted to speculation like this.
The Tesla CEO has often vocalized his fondness for Dogecoin and has even enabled the cryptocurrency as a payment option for some Tesla merchandise.
Now, with X Payments LLC securing money transmission licenses across most U.S. states (excluding New York), the speculation is growing.
Many believe that Dogecoin could be a centerpiece of this incoming future alongside fiat payments.
Speculators believe that this new feature is in line with Muck’s original vision of transforming Twitter (X) from a mere social networking app to an "everything app."
The resulting excitement has pushed Dogecoin upwards by an impressive 25% over the daily timeframe.
The cryptocurrency now sits at a current price of around $0.47, just shy of crossing the 50-cent mark.
Interestingly, this is the highest Dogecoin has been at since the start of the bear market at $0.48.
The memecoin is now up by nearly 200% over the last month—which is a jaw-dropping 236% increase in average monthly performance.
But it doesn’t stop there.
Dogecoin’s performance
The memecoin also ranks as the third most traded cryptocurrency by 24-hour trading volume, according to data from Coingecko.
This is even more impressive, as Coingecko data shows that the Dogecoin network processed approximately $26 billion worth of funds in the 24 hours before writing.
Dogecoin's trading volume hits the ceiling.
All of the above have prompted speculation from analysts that a retest of its all-time high around the $0.73 mark could be on the horizon.
According to Google Trends, Dogecoin is also one of the most searched cryptocurrencies in the world. Some of the most interested countries are the United States, Canada, Brazil, Russia, Austrailia, Nigeria, and South Africa.
One of the aforementioned analysts is Javon Marks, who outlined an incoming price target for Dogecoin between $0.65 and $1.25.
The analyst highlighted historical performance and market momentum as factors for this outlook, speculating that the memecoin could even register an extra 52.2% price jump in the near term.
Marks’ sentiment was echoed by Trader Tardigrade, who suggested that Dogecoin could soon hit the $1 mark.
The analyst highlighted a formation known as the "high-tight flag" pattern and tagged the $1 milestone for Dogecoin as "inevitable."
The buzz around Dogecoin is much more than speculation. In fact, it aligns with a broader bullish trend across most of the market, especially in November.
The general crypto market now trades solidly above the $3.3 trillion mark, nearly 50% higher than last month.
As Dogecoin continues to lead the market upwards, it remains a symbol of how powerful community enthusiasm can be.
Whether the memecoin will hit this coveted $1 mark remains to be seen.
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