Dogecoin spikes on X trading news but fails to hold gains
Dogecoin (DOGE)
Editor:
Eugene Serbin
DigitalToday reports that Dogecoin reached its highest level in months following news that X is expanding its trading features. On September 22, the asset climbed to $0.1059, a peak not seen since June, as X announced partnerships with Gemini, Kraken, Coinbase, Moomoo, and Interactive Brokers. These integrations will allow users to trade directly via cashtags on the X app timeline, signaling Dogecoin's deeper integration into the platform's financial services.
Despite the initial surge, selling pressure emerged quickly, driving the price down to $0.0992 by the close of the session. The token finished the day down 0.62 percent, failing to hold the $0.10 mark on a closing basis. This move coincided with a broader rotation of profits from Bitcoin into higher-beta meme coins like Pepe and Shiba Inu.
Derivatives open interest rose approximately 10 percent in an hour to around $350 million, suggesting leveraged trading drove the price action more than spot buying. Technical indicators showed short-term overheating, with the daily RSI at 69.4, nearing the 70 threshold. However, the 50-day exponential moving average remains below the 200-day line, indicating the long-term dead cross has not yet been cleared. Consequently, the rally is viewed as a short-term recovery rather than a definitive trend reversal.
How the market reacted
Whalio's own Binance spot order flow for DOGE, measured when this story was written up on 23 September 2026. Not the outlet's figures.
Whalio spot data shows Dogecoin trading at $0.1004 with a 24-hour buy ratio of 51.0 percent, indicating a slight edge for buyers over the full day. This compares to a 50.5 percent buy ratio over the last hour and 51.5 percent over the last four hours, showing that buying pressure remains steady rather than fading. The 24-hour volume delta stands at +$4,538,146, reflecting net positive flow where buy volume exceeds sell volume. The Cumulative Volume Delta (CVD) for the 24-hour close is +$3,886,242, confirming that aggressive buying has outweighed selling pressure throughout the period. Net buying occurred for 15 out of the 24 hours, suggesting consistent, albeit moderate, demand rather than a sudden spike. Spot volume reached $225,481,256 with over 1.5 million trades, highlighting active participation without extreme volatility in the order flow.
The latest daily buy ratio of 37.6% sits at the 0th percentile of the last 322 days, against a median of 48.9% - among the weakest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for DOGE, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.7 percent, making today's 51.0 percent ratio an unusual day with a 2.3 percentage point increase in buying dominance. Trading volume was 2.29 times the weekly average, signaling a significant surge in activity compared to normal days. While the price rose 25.4 percent over eight days, net buying was concentrated in just one of those seven days, indicating sporadic rather than sustained accumulation. The total volume delta for the week was +$1,723,103, which is lower than today's single-day delta, suggesting today's activity is a notable outlier in volume terms. This contrasts with the weekly trend where buying was sparse, making today's consistent net buying across 15 hours a distinct shift in market behavior.