Jakarta, Pintu News – The price of Dogecoin jumped 5% to $0.20 on Sunday, October 19, after Elon Musk’s X platform launched a new marketplace for unused usernames.
Previously, Dogecoin closed its second consecutive week of declines, ending at $0.18 – down around 35% from its peak of $0.27 recorded on October 6. Dogecoin’s sensitivity to market sentiment has been on display again this month, with macroeconomic pressures and massive market liquidations being the main culprits for its weak performance over the past two weeks.
The launch of the XHandles marketplace has again fueled speculation that Dogecoin might be integrated as a means of payment on Elon Musk’s X platform.
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In its official statement, X mentioned that the X Handle Marketplace aims to redistribute unused usernames (handles). Eligible customers will be able to search, request, and purchase available handles.
XHandles has also launched an official website, which allows potential users to get on the waiting list before the full launch takes place.
Handles are coming…
Join the waitlist at https://t.co/78v6LhGZiz pic.twitter.com/XOa9b2lfkN
Elon Musk’s association with Dogecoin has been widely reported over the years, and has become even more prominent since US President Donald Trump appointed him to head the DOGE(Department of Government Agency), a financial oversight agency, in January 2025.
Despite stepping down from the position in May, Musk remains active in the Dogecoin community to this day.
Although Dogecoin’s connection to XHandles has not been officially confirmed, derivatives traders appear divided on predicting the direction DOGE will move in the short term.
Data from Coinglass shows that open interest (the total number of unsettled futures contracts) for Dogecoin rose 10.62% on the day, reaching $1.9 billion at the time of writing. This increase was supported by a 6.19% jump in trading volume, to $4.6 billion.
Out of a total of $4.7 million in liquidations in the last 24 hours, short traders accounted for about 70% of the daily losses, which is about $3.3 million. Meanwhile, long positions only suffered a loss of $1.4 million.
Dogecoin’s long-to-short ratio currently stands at 0.99, indicating that bearish traders (those betting on the price to fall) have not completely retreated. This suggests that although optimistic investors have started buying into this rally, short sellers are still actively closing their positions while predicting that this price increase will not last.
Speculation about Dogecoin’s potential integration into the XHandles marketplace could prompt more bullish bets, as it did in August 2023 when X obtained money transmitter licenses in a number of US states.
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With the US government shutdown putting pressure on financial markets, data from the derivatives market shows that traders expect Dogecoin price volatility to increase in the coming week.
After correcting by 34.6% from its monthly peak, Dogecoin managed to bounce 11.9% over the weekend from Friday’s low. Currently, DOGE is trading in the range of the middle Bollinger band ($0.19-$0.20), which suggests that the price has returned to the neutral zone, recovering from the impact of Friday’s $1.2 billion crypto market liquidation.
The Relative Strength Index (RSI) 14 is at 40.77, while the average RSI line is at 42.19. This indicates a slight upward push, but it is still below the neutral level of 50, which suggests that Dogecoin is still in a recovery phase and has yet to experience a strong bullish trend reversal.
Trading volume is currently stable at around 154.3 million DOGE, reflecting quiet but consistent demand after the massive sell-off in mid-October. If DOGE manages to break the $0.22 level (middle band resistance), it could confirm the continuation of the uptrend towards the $0.26-$0.28 range, in line with the upper Bollinger band.
Conversely, if the support at $0.18 fails to hold, DOGE risks weakening again to the lower band target around $0.16.
However, if positive momentum continues to build and Elon Musk’s Marketplace X does integrate Dogecoin as a means of payment, this could be the trigger for a long-term rally towards the $1 psychological level.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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