How did the cryptocurrencies Dogecoin (DOGE), Solana (SOL), and ION perform this week?
Let’s see a brief summary of the news for the past days and some future predictions.
X reveals payment plans and possible integration of Dogecoin
Dogecoin is experiencing a new rally thanks to the announcement of the social media platform X (previously known as Twitter), which many believe will have a significant impact on the price of the cryptocurrency.
According to the announcement, X is finally moving forward with its long-awaited payment plans, with full operation expected in 2024.
In a statement dedicated to X’s future plans for 2024, the social media platform shared the successes of 2023.
Among these, the launch of the AI-based search assistant called artificial intelligence (AI) named Grok and the advertising revenue sharing program, particularly appreciated by creators on the platform.
However, X is already looking beyond 2023, with the announcement of the intention to launch a peer-to-peer payment system for users.
This move is designed to open up new trading opportunities on the platform, allowing users to manage all their transactions in one place.
Optimism within the community grew when it was announced that X has obtained more licenses in 2023 to become a payment facilitator in several states of the United States.
Elon Musk, billionaire and key figure of X, has previously stated the goal of making X the preferred platform for payments.
Specifically, emphasizing the vision of a system in which users will not need a bank account to make transactions.
The announcement has fueled hopes that Dogecoin payments will be integrated, especially considering Musk’s strong support for Dogecoin and his previous statements about incorporating DOGE payments on X.
The community now eagerly awaits the possible impact of the meme cryptocurrency on transactions on the X platform.
Dogwifhat (WIF) Explosion on Solana: 71.34% Increase
Recently, the Dogwifhat memecoin (WIF) based on Solana has recorded a significant increase of 71.34% in its exchange price.
This increase has not only affected the exchange value, but has also seen a significant growth in trading volume and market capitalization, all intraday.
The announcement of the listing of WIF on Binance, one of the main centralized cryptocurrency exchanges, has triggered a 287.14% increase in the trading volume of the memecoin, according to dozens of market analysts.
This increase indicates a strong interest from important investors in the memecoin, with cryptocurrency magnates who seem to have invested millions to seize the opportunity of listing on Binance.
The total supply of Dogwifhat (WIF) is currently 998,920,173 WIF.
Recently, the token based on Solana has surpassed its previous highs, reaching a maximum of $0.3313 on December 22, 2023. Similarly, the lowest price was observed in the first week of 2024.
With the approval of the first ETF in the United States, enthusiasts now predict that the Dogwifhat ETF will also enter the market.
A recent post on “X” by Arthur Hayes suggests that a “WIF Hat ETF” could be on its way, generating further excitement within the community.
Putting my final touches on my next essay “ETF Wif Hat” and I need a good photo. Please send the best Gary Gensler Wif Hat meme. I will chose the one I like the best as the leading photo for the essay.
— Arthur Hayes (@CryptoHayes) January 11, 2024
The tweet, however, has an ironic tone, which could confuse the followers of the new memecoin.
In addition, according to the website Solscan, the top 100 whales collectively own 387,400,173.15 tokens, representing approximately 38.78% of the total supply of Dogwifhat.
Starting from January 8, 2024, there are 339 active WIF holders, while the total number of holders exceeds 33. Jupiter, a cryptocurrency exchange, has played a significant role in the trading volume of Dogwifhat, with the most traded pair being $WIF-SOL.
The price of ION: the comparison with the cryptocurrencies Dogecoin and Solana
On Thursday, InvestorsObserver assigned a very bullish rating to ION, which recorded a significant increase of 35,853,024.44%, reaching $1443.47.
This exceptional performance far exceeds the 487,639.1% growth of the overall cryptocurrency market.
Currently, the price of ION is approaching its five-day high, set at $1443.47. Although it has remained stable, showing a modest decrease of 0.00%, it remains significantly higher than the five-day low, which was $0.0017.
By analyzing the levels of support and resistance, ION is currently above the resistance, with an estimated support at $0.0034 and a resistance at $0.0045. This position could prove to be volatile if the rally were to exhaust itself.
It should be noted that ION has recorded a low trading volume recently, indicating that the current daily volume is below the average of the last seven days. This aspect suggests some caution in the market and could influence its price dynamics.
