A "Sell the News" Rally Builds in Dogecoin as This Token Sinks 4% Today
For meme-token investors, Dogecoin (CRYPTO: DOGE) remains the gold standard most pay close attention to. Initially created in 2013 as a joke by founders Billy Markus and Jackson Palmer, this cryptocurrency has seen an impressive community grow in recent years, culminating in noteworthy surges during various periods of momentum-driven hype rallies.
Over the weekend, Dogecoin saw such a rally materialize, surging from less than $0.07 per token to more than $0.09 in a matter of a few hours. However, as of 3:30 p.m. ET, Dogecoin has given up approximately 4% over the past 24 hours, trending toward the mid-point of this range at the time of writing.
This weekend's surge is tied to speculation around an X (formerly known as Twitter) account that was launched with a gold-verification badge. This "X Payments" account now has more than 116,000 followers, and many are now speculating this could signal to the markets that Elon Musk's move into transitioning X toward a payments network could be underway. Importantly, in a post roughly one year ago, Musk signaled his intention to have crypto integrated into his future payment platform, something Dogecoin enthusiasts have relied on during previous rallies.
Source Fool.com
