Dogecoin Outperforming 'Killers:' Why Elon Musk Speculation Could Fuel Volatility

Dogecoin DOGE/USD is down 1% on the day but outperformed its memecoin rivals due to statistics highlighting robust metrics and speculation fueled by Elon Musk.

What Happened: Based on IntoTheBlock data, the number of holders in profit for Dogecoin stands at 46.94% compared to 27.1% for Shiba Inu SHIB/USD, 24.8% for Pepe PEPE/USD and 16.% for Floki FLOKI/USD.

Dogecoin reported a smaller monthly loss (-4.6%) than Pepe (-24.6%) and Shiba Inu (-8.8%). In contrast, its monthly trading volume is the highest at $178.2 million.

The total number of Dogecoin holders is 5.8 million, significantly ahead of the 1.29 million for Shiba Inu, 152,195 for PEPE, and 73,038 for FLOKI.

See Also: Dogecoin Maintains Strong Network Dominance Over Memecoin Rivals: Trader Foresees 'Abundance Of Wealth' For The Patient

Why It Matters: Elon Musk has once again fueled speculation in the Dogecoin community by liking his old tweet from October 2021.

Tuition is in Dogecoin & u get a discount if u have a dog

— Elon Musk (@elonmusk) October 31, 2021

This action has sparked investor interest in a potential upcoming announcement related to Dogecoin. The X Payments feature for peer-to-peer transactions is likely to adopt Dogecoin as its payment option. The community is eagerly awaiting an official announcement, which could position X as an "everything app."

What’s Next: Crypto analyst Ali Martinez indicated that the Dogecoin chart is “signaling an impending spike in $DOGE price volatility.”

The Bollinger Bands on #Dogecoin four-hour chart are experiencing the tightest squeeze since October 2023, signaling an impending spike in $DOGE price volatility. pic.twitter.com/ynQNXVfhxI

— Ali (@ali_charts) February 4, 2024

While the past month’s volatility has led Dogecoin prices to drop by 3.8%, these recent optimistic statistics are likely to cushion the price movements.

Now Read: Dogecoin, XRP Witness Significant Whale Activity: Analysts Expect 'Something Big'

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