Has The Bull Run Begun? Tesla Accepts Dogecoin Payments; DOGE OI Bounces

• 1 The recent integration of Dogecoin into the Tesla payment app offers hope for its utility and value.
• 2 It is up by 10.59% to $0.16197 in the past 24 hours.

The Dogecoin open interest has experienced a significant decline over the past month, causing worry about the meme coin’s future outlook. It has come a long way down from its March peak.

Dogecoin’s Open Interest 66% Has Bounced Back To 60%

By the end of March 2024, the Dogecoin open interest had reached a record high of $2.21 Billion following a continuous rise throughout the month. 

In the same way, this was then accompanied by a rise in the price of DOGE as investors hurried to participate in the momentum and lock in their profits. However, the rise persisted until the beginning of April, but has since shifted into a downward trend.

DOGE Futures OI | By Coinglass.com

According to information from Coinglass, the overall open interest for Dogecoin reached $2.15 Billion on April 1. However, the open interest began to decrease and this decrease persisted until the end of April, when the open interest had reached $832.5 Million. The trend hasn’t shown any signs of dying in May, with a steady decrease in open interest.

Recently, the latest OI has experienced a significant increase of 24.30% to $855.17 Million compared to the previous day when it was close to $686.98 Million. At present, a significant 66% decline in OI has bounced back to 60%.

Dogecoin’s Bullish Future Aspects Anticipated By The Analysts

A renowned cryptocurrency trader Ali Martinez shared a sequence of tweets for Dogecoin on X. 

The tweets focused on speculating about the future of DOGE and he tweeted that DOGE is currently mirroring a past pattern from 2018-2021, potentially setting the stage for a huge bull run. With notable retracements followed by substantial surges (980% and 12,150% in the past), Martinez believes DOGE could experience another significant bull movement.

I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.

From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb

— Ali (@ali_charts) March 31, 2024

Tweet By Ali Martinez | By X Platform

Ali mentioned on X that Dogecoin is once again showing its typical pattern. At the moment, DOGE is in a consolidation phase following a breakout from a descending triangle pattern. Based on historical patterns, we might see DOGE surge to $1 in the near future.

In the event that Ali Martinez’s analysis proves to be true, Dogecoin investors could potentially see returns of over 2600%.

Dogecoin Influence Not Waning With Dogechain Wallet Closure

As per the tweet from Astro, Dogechain, a key noncustodial wallet for Dogecoin, is closing. Some Doge supporters are unaware of this event.

#Dogechain has been around for +10 years. All of a sudden, shutting down in less than 30 days. No one dares to openly say exactly why and most people have not figured it out yet.#XÐ is coming, and it’s coming hard. pic.twitter.com/yQAWB3WXVR

— Astro 🏴‍☠️ (@Astro1062) May 2, 2024

Tweet From Astro | By X Platform

Despite this setback, there was hope for full integration of Dogecoin on Elon Musk’s payment app (Tesla), sparked optimism for the meme coin’s future utility and value, and now it has begun according to the tweet.

⚡️ BREAKING: #Tesla updated their payment methods to include $DOGE. pic.twitter.com/yTYhe1032V

— Crypto Rand (@crypto_rand) May 4, 2024

Tweet From Crypto Rand | By X Platform

Mainly, the closure of Dogechain has not affected the price of DOGE so far. Instead, it is up massively up by +10.59% in the past 24 hours to $0.16197, with 24-hours trading volume at 1.53 Billion with a 55.45% surge.

Therefore, if the demand for the DOGE asset price remains high, then it could bounce back from the current level. The next targets for the price are $0.1755, and $0.2000.

However, if the DOGE crypto price fails to stay above the $0.1200 level, it could decline further.

DOGE Price Chart | By TradingView

Active Addresses Are Increasing, Circulation Declines

There has been a resurgence in Dogecoin’s network activity. On April 25th, the active address count on the network was below 50,000. At press time, the number has risen to 55.3K, indicating that users are once again engaging in numerous transactions on the network.

Active Addresses 24 h, and Circulation 7-d | By santiment.com

Additionally, the one-day circulation was 2.66 billion, suggesting that Dogecoin’s usage has slipped on the charts, due to which DOGE might remain stuck within a tight range.

Summary

In March 2024, Dogecoin’s OI peaked at $2.21 Billion, driving up DOGE’s price as investors rushed in. However, the trend reversed in April, with OI dropping to $832.5 Million. Recent OI has rebounded to $855.17 Million, with predictions of a potential bull run ahead.

Astro’s tweet revealed Dogechain’s closure, with Dogecoin’s founder, Billy Markus, still influencing the market. With this, Elon Musk’s recent integration of Dogecoin into his Tesla payment app offers hope for its utility and value. 

Furthermore, DOGE’s price remains unaffected, showing a 10.59% surge to $0.16197. If demand stays high, DOGE could reach $0.1755 and $0.2000, but failure to stay above $0.1200 could lead to further decline.

Technical Levels

Support Levels: $0.1200

Resistance Levels: $0.1755

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.