Here’s Why The Dogecoin Price Is Reversing Against The Bearish Market Trend

The Dogecoin price has taken an interesting turn in the last day, going against the bearish wave that has wracked the majority of the crypto market. Given that the meme coin is green at a time when the majority of the market is nursing losses, it has led to speculations as to what could be behind its price increase. Therefore, this report analyzes the Dogecoin developments that have taken place in the last day that could explain why its price is in the green.

Dogecoin Payments Coming To X

One of the major drivers of the Dogecoin recovery over the last day has been mounting speculations that DOGE payments are coming to X (formerly Twitter). With these expectations that the DOGE payments are coming to the payment platforms, it has driven the demand for the DOGE meme coin.

The speculations began when a Dogecoin community member made a post that they had heard that DOGE payments were finally coming to the platform. The community member expressed excitement at this, explaining that it felt like the very first time they had bought DOGE.

Naturally, this got the attention of some community members, leading to a push for the meme coin. At the time, the Dogecoin daily trading volume spiked, and around the same time, the price rose while the broader market suffered.

However, this is not the only development that caught the attention as elsewhere, BitMex founder and crypto millionaire Arthur Hayes, has shown support for Dogecoin, revealing that he currently holds some of the altcoin.

Arthur Hayes Expects A Rally For DOGE

Amid the downtrend that has rocked the crypto space, with meme coins like Dogecoin suffering significant crashes, Arthur Hayes has found it a perfect time to buy. Taking to X (formerly Twitter), Hayes revealed that he actually loves the current downtrend that has sent ‘shitcoins’ spiraling and is using it as an opportunity to buy more.

The altcoins that Hayes revealed he is currently buying include Dogecoin and Pendle, an altcoin which the BitMex founder has previously declared support for. “I’m loving this choppy sideways to down shitcoin price action. I’m adding to my bags of $PENDLE and $DOGE,” Hayes’ post read.

Given Hayes’ influencer in the crypto market, alongside the expectations that Dogecoin payments are coming to X, it has served as a boost for the altcoin. While the likes of Bitcoin struggled, the DOGE price rallied over 3% in a red market, and eventually found support above $0.2.

Featured image created with Dall.E, chart from Tradingview.com