Dogecoin is making waves again. Recently, whale transactions and daily active addresses have surged. This spike follows rumors about a possible integration with X Payments.

Many traders are excited about Dogecoin's performance compared to Bitcoin. Since its launch, Dogecoin has outperformed Bitcoin, and price targets are set between $1 and $1.45.

In the past week, Dogecoin (DOGE/USD) rallied by 17%. This increase is largely due to speculation that Elon Musk's X Payments platform might start using DOGE.

Here’s a quick look at the current market cap:

  • Dogecoin (DOGE/USD): $0.4254 | $62.5 Billion | +2.3% | +17%
  • Shiba Inu (SHIB/USD): $0.00002593 | $15.3 Billion | +2.7% | +5.9%
  • Pepe (PEPE/USD): $0.0000202 | $8.5 Billion | +1.5% | -3.4%
  • Bitcoin (BTC/USD): $98,129.53 | $1.94 Trillion | +0.7% | +8.4%

Macro expert Raoul Pal pointed out that Dogecoin has surged 550% since its launch. He referred to it as “harder money” and believes it may continue to outperform Bitcoin.

Crypto trader Tardigrade has some predictions too. He thinks DOGE might dip to $0.30 before potentially soaring to $3. He draws comparisons to similar cycles from previous years.

Another trader, Master Kenobi, sees a positive trend for DOGE. However, he warns that the timeline might shift based on Bitcoin's dominance. He mentioned that current market behavior feels like early January 2021, which could mean volatility ahead. In the last cycle, DOGE dropped 55% in two weeks, but such a fall isn’t guaranteed this time.

He suggests a conservative price target of $1 to $1.45. If DOGE closes positively this week, it would mark the second-longest streak of weekly gains in its history—currently at six weeks, just two shy of the record of eight weeks set in 2017-2018.

Statistics from IntoTheBlock show a 41.1% increase in large transaction volume. However, daily active addresses have decreased by 34.9%. Coinglass reports that liquidations are at their lowest since November 2. Long liquidations stand at $3.74 million, while short liquidations are at $2.73 million. Open interest is at an all-time high of $3.95 billion.

In community news, Dogecoin spiked to $0.40 over the weekend after an Elon Musk tweet sparked speculation about the upcoming X Payments service, which could support transactions with digital assets like DOGE.

Additionally, Dogecoin whales moved a staggering $214.5 million in a single day, further fueling speculation about market movements.