– Dogecoin on-chain metrics volume and social dominance have hit the highest level in 2024.
– DOGE price declined by nearly 2% in the past 24 hours after offering nearly 7% gains to holders.
– DOGE price plummeted to $0.0870 on January 21 on Binance.
Dogecoin on-chain metrics, volume and social dominance support a price recovery thesis for DOGE.Elon Musk’s social media platform X launched its dedicated payments account handle, @xpayments, fueling anticipation among DOGE holders regarding the cryptocurrency’s acceptance as payment.
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Dogecoin on-chain metrics support price gains
According to on-chain metrics seen on Santiment, volume and social dominance,
DOGE price is likely to recover.Between January 1 and the time of writing, DOGE volume rallied.An increase in volume is a sign of increasing relevance of the asset and its demand among market participants.https://www.fxstreet.com/cryptocurrencies/news/coinbase-is-70-likely-to-win-motion-to-dismiss-sec-lawsuit-says-bloomberg-analyst-202401210607 volume climbed from 298.68 million to 1.17 billion on January 21, as seen in the chart below.In the same time period, DOGE price declined from $0.092 to $0.086.
DOGE volume and price.
Source: Santiment
Social dominance of the meme coin climbed from 1.14% on January 1 to 3.45% on January 21.The rise in social dominance is a typical bullish sign for an asset, when accompanied by an increase in volume and active addresses in
Social dominance of DOGE.Source: Santiment
Market participants believe DOGE could be used to make payments on X and the platform is likely to accept DOGE payments.This anticipation is likely to fuel a rally in the meme coin’s price.At the time of writing, Dogecoin price is $0.0870 on Binance.
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