• Dogecoin’s value pumped soon after Elon Musk created an XPayments account.
• Sentiment around DOGE turned bullish, but market indicators were bearish. 

After several days of dormancy, the price of Dogecoin [DOGE], the world’s largest meme coin, suddenly erupted. Though there might be multiple reasons behind this, a critical one might be Elon Musk’s actions, yet again. 

Dogecoin turns green!

AMBCrypto’s look at CoinMarketCap’s data revealed that, like most other cryptos, DOGE’s price chart also remained flat for several days. However, its value shot up by more than 10% in the last 24 hours alone.

This surge painted both its daily and weekly charts green. At the time of writing, DOGE was trading at $0.08648 with a market capitalization of over $12.3 billion.

The uptrend was also accompanied by a more than 200% rise in daily trading volume.

Thanks to the price uptrend, Dogecoin’s social volume spiked substantially on the 21st of January. Bullish sentiment around the meme coin became dominant in the market as well, as evident from the rise in Weighted Sentiment.

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Author: Dipayan Mitra

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