Elon Musk announced earlier this morning that his new platform X will be in close contact with DOGE. Dogecoin price is not even moving while integration is considered certain…
Elon Musk greenlights DOGE integration for X
Social media giant Twitter has started its transformation to super-app X as of July 23. It is considered certain that crypto money payments will be integrated into the new platform. Boss Elon Musk also confirmed expectations today. Early in the morning, he stated from his X account that his platform will be in close contact with DOGE.
X is a dog and Doge friendly place!
X is a dog & Doge friendly place!
— Elon Musk (@elonmusk) August 23, 2023
Despite the highly anticipated DOGE message, the leading meme coin remains quiet in terms of price. In fact, the rectangular formation on the four-hour chart is suggesting a drop to $0.0567. cryptocoin.com As we reported, Elon Musk gave the expected message about DOGE and X integration early this morning. As can be seen from the chart below, DOGE price priced the improvement below 1%.
Technical analysis, Dogecoin price suggests further decline
DOGE price is slightly higher after Elon Musk’s post about the X. However, it lacks enough momentum to break above the bearish rectangle pattern. This comes as no surprise, especially since the crypto market is making up for losses at low levels of volatility.
However, the Moving Average Convergence Divergence (MACD) reveals that buyers have the upper hand following the confirmation of a buy signal over the weekend. The Relative Strength Index (RSI) also recovered from the oversold zone and remained at $46.
Reasons behind stagnant DOGE price
Dogecoin saw an increase in network activity last month. However, it failed to trigger a higher price move despite this. According to IntotheBlock, the number of daily active addresses selling and buying DOGE exceeded 45,000 last month.
Typically, an increase in a coin’s network activity often acts as a harbinger of a price increase. However, the fact that Dogecoin could not record a price increase despite the increase in the number of daily active addresses is due to its statistically positive correlation with Bitcoin.
Despite complex markets, active addresses for most top blockchains have remained stable. Some assets, like $LTC and $DOGE, even showed significant spikes in activity recently.#Bitcoin #Ethereum #Dogecoin #Litecoin pic.twitter.com/PI1KxcoT5k
— IntoTheBlock (@intotheblock) August 19, 2023
Amid the violent price volatility over the past few days, the price of BTC has dropped 12% over the past month. Similarly, the value of the altcoin market dropped by almost 10% over the same period. This downward trend is putting the DOGE price under pressure like other coins.
Traders are less interested in Dogecoin now
Another reason the DOGE price dropped was linked to the decrease in the number of transactions completed by addresses holding Dogecoin. According to IntoTheBlock, the number of daily Dogecoin transactions has decreased since July 30. As of August 19, 79,150 transactions related to the meme coin had been completed. This represents an 89% decrease from the 739,830 transactions recorded on the last day of July.
In addition, the rate for DOGE transactions over $10 million was completely down, down 100%.
DOGE is currently trading in the $0.06346 region, where it remains silent despite the anticipated Elon Musk message.
