Dogecoin (DOGE) jumps 3% on Arthur Hayes and X Payments optimism

Dogecoin (DOGE) has recovered from a dismal performance with a significant price increase over the past day.

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The meme token is up around 3% on the daily chart and is trading at $0.1259 at the time of writing.

DOGE 1D chart on Coinmarketcap

Positive comments from BitMEX founder Hayes and the latest statements regarding X Payments LLC have excited Dogecoin enthusiasts, sparking a price rise.

Arthur Hayes recently stated that he will be increasing his investment in DOGE and Pendle. He has been somewhat vocal about thematic tokens, Dogecoin ETF predicted to launch soon.

The endorsement shows Hey’s confidence in Dogecoin’s future potential.

Additionally, optimistic news from X CEO Linda Yaccarino has boosted DOGE’s trajectory, with some enthusiasts expecting explosive price movements.

Few details were revealed, but she did reveal on the social site that she will soon be introducing a Venmo-like payments platform.

While the update did not mention DOGE, past comments from Elon Musk (the father of DOGE) have sparked speculation.

The Tesla billionaire supported Dogecoin with a bullish post, helping push the altcoin’s price to its highest in 2021.

Musk also emphasized the need for more revenue streams on X, with enthusiasts hoping for the integration of DOGE payments.

Whale behavior hits Dogecoin prospects

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While the meme crypto is regaining upward momentum, recent transactions by larger players have raised concerns about the direction of DOGE’s price.

An unidentified whale moved 99,321,007 Dogecoin tokens (worth roughly $12.08 million) from an anonymous address to Robinhood.

Large cryptocurrency transfers to CEXs are often greeted with a bearish move, signaling a possible dumping of tokens.

Whale movements affect market sentiment and cause price fluctuations.

Nonetheless, Dogecoin has shown resilience and is rebounding despite the pessimistic behavior of market participants.

Crypto Market Prepares for a “Side Summer”

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As the digital asset sector attempts to recover, analysts are making predictions about future market trends.

Commenting on the market situation ahead of the summer, CoinShares’ Meltem Demirollus predicted price movements would remain flat:

Demirols said ETFs saw increased buying activity in the crypto sector in early 2024. However, he believes the current outlook reflects a plateau after a strong rally and a correction.

She believes that identifying new buyers, their favorite purchases, and their origins are key to navigating the uncertainty that pervades the digital asset market.

Meanwhile, the recent price rise of DOGE following endorsements from influential figures demonstrates the dynamic nature of the token as it explores the volatile cryptocurrency market.

While whale behavior raises doubts, optimistic sentiment and the potential integration of X Payments paint a favorable picture for DOGE.

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