Dogecoin hype sparks a 12% gain as AMC vows to accept DOGE payments

Key Dogecoin takeaways:

  • AMC theatres will accept Dogecoin as payment for tickets.
  • Elon Musk and Billy Markus support the idea.
  • DOGE jumps 12% in response.

YEREVAN (CoinChapter.com) – AMC, the entertainment industry giant with 978 movie theaters worldwide, will accept Dogecoin (DOGE) as payment for tickets. The CEO of the company Adam Aron created a pole to find out if his Twitter followers want to see AMC accept online payments in the meme-currency. The majority (76.7%) voted pro, while 16% thought it was a “waste of effort.”

In later tweets, Mr. Aron expressed his fascination with the sheer number of responses. The pole tweet got over 4 million views in 24 hours and over 140,000 votes in total. The CEO commented that the company would explore the possibilities to make DOGE payments happen.

Also read: Dogecoin bulls request AMC chief to accept Doge payments; price rises.

Billy Markus, the co-creator of Dogecoin, tuned into the discussion, noting the positive development for DOGE. Moreover, Tesla and SpaceX CEO Elon Musk, a known Dogecoin proponent, also joined in. He commented how reducing fees is important to make low-value transactions like buying movie tickets viable.

In May, Mr. Musk has already voiced his determination to work with Dogecoin developers to “improve system transaction efficiency.” Many followers agreed, noting that Ethereum and Bitcoin fees can be higher than the “damn ticket” in the first place. So if people are not willing to spend ETH and BTC on entertainment, they might consider DOGE if the fees are smaller.

Also read: Dogecoin trading made 62% of total Robinhood earnings in Q2/2021

The ongoing hype around the meme crypto caused its token to jump in excitement and put on 12%.

DOGE daily chart

DOGE, temporarily forgotten by the billionaire entrepreneur, slid to the 10th rank by market cap ($29.3 billion). But the meme-coin is notorious for feeding off the hype on social media. The AMC fuss was not an exception. The DOGE/USD pair traded at $0.22 ahead of the European session Thursday.

Dogecoin jumps 12%. Source: DOGEUSD on TradingView.com
Dogecoin jumps 12%. Source: DOGEUSD on TradingView.com

After the Bitcoin setback caused a new crash on the altcoin market, Dogecoin lost 17% (Sep. 19-21). The bearish price action sent the relative strength index into a downward correction as well.

In hindsight, the RSI is a momentum indicator that reflects the traders’ view of an asset. When the RSI approaches 30 or drops lower, many see an opportunity to “buy the dip” as they consider the digital asset “oversold.” The RSI gradually declined for six weeks on the DOGE charts before picking up after the latest price jump.

Moreover, the bearish September caused a death cross between the 20-day exponential moving average (EMA-20; blue wave) and the 50-day simple MA (SMA-50; red wave). In detail, the death cross happens anytime a short-term MA crosses below a long-term MA. Thus, it is a bearish indicator but can be reversed if the short-term MA reasserts its dominance.

The growing adoption and all the hype around it generally have a bullish effect on DOGE. However, the upcoming sessions will show if the fuss was big enough to sustain the meme-coin for much longer.

Also read: Turkish investors lost $119 Million in an alleged Dogecoin Mining Scam.

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