- El Salvador secures $1.4 billion IMF loan with crypto policy concessions
- DOGE shows signs of buyer interest after recent price drop
- Elon Musk faces regulatory challenges for new payment platform
The world’s largest memecoin by market capitalization is having a rough week. As we reach the final moments of 2024, Dogecoin is now close to losing key resistance levels as investors wonder if the currency could retract to the pre-election levels if the trend continues.
DOGE is currently trading at $0.3163 according to CoinMarketCap. Throughout the day the asset reached as low as $0.3039—its lowest mark since November 5th. The currency is trading at an 11.77% deficit in the previous 24 hours, with an even more alarming 21.96% decrease over the week.
The month-long chart also reveals a bullish trend as DOGE holders experience a 17.76% devaluation since November 19. However, the last hour revealed that buyers are not keen on giving up the thirty-cent level. Over the last 60 minutes alone DOGE has gained 3% in value, indicating that may be still buying interest at this price point.
In truth—today’s price corrections are far from being exclusive to Dogecoin. Bitcoin just lost its $100,000 level—currently trading at around $96k. Overall, the cryptocurrency market saw liquidations of nearly $1 billion on November 19, indicating that the market is taking home some profits inherited from November’s rally.
Going back to the doge-perspective, one thing that might explain why Dogecoin is down is the recent reports regarding X’s payment system. According to recent reports, Elon Musk is facing difficulties in obtaining regulatory approval for the new payment platform.
While the multi-billionaire made decent progress in obtaining regulatory approval in multiple states, the challenge lies in arguably the most important one: New York.
In fact, the New York approval could take up to months. NY Law firm Walden Macht Haran & Williams wrote an open letter deeming X to be unfit for a money transmitter license. While these developments don’t necessarily mean X payment platform won’t be happening—they do put in check the likelihood of it including Dogecoin as a payment system.
However, Elon Musk hasn’t ruled out the possibility of including DOGE in the payment platform. In fact, the billionaire’s actions point the other way around as Musk has continuously supported the memecoin throughout the year—even during his pro-Trump campaign.
Musk is also set to play a significant role in the upcoming U.S. Presidency, and his influence on regulatory matters could potentially change the outlook for Dogecoin.
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