Dogecoin has gained significant traction in the last 24 hours. In this period, Dogecoin’s trading volumes have shot up by 16% to $2.49 billion. The market cap has increased by 4% to $29.71 billion.
Dogecoin is easily the most famous meme coin ever created. It is credited as the original meme coin dating far back to 2013. In the early days, Dogecoin was considered a joke, even by its creators. However, its community has grown over the years, as has the respect that DOGE commands in the market. Elon Musk added to the momentum around Dogecoin back in 2020, a factor that helped open up Dogecoin to a broader audience and up its profile as an investable asset.
Today’s Dogecoin breakout was coming all along as Dogecoin has been showing significant bullish sentiment in recent weeks. Now that Bitcoin has uplifted the entire market, Dogecoin has risen alongside it. Dogecoin’s growing momentum is mainly anchored on its rising potential for adoption.
Adoption Is On The Rise
A few weeks ago, Elon Musk hinted that X was soon becoming a super app where users don’t share their opinions but can make payments. The announcement included a small Dogecoin logo, a hint that Dogecoin was part of the currencies that will be used on the super App.
Considering Elon Musk and his X social media platform’s influence, this could be a giant leap forward in giving Dogecoin utility. It explains why demand for Dogecoin has recently increased, even when other large-cap cryptocurrencies showed weakness. It explains why Dogecoin is among the large-cap cryptocurrencies that have experienced a significant price spike now that Bitcoin is sending signals that the 2024 crypto bullish super cycle is underway.
The GigaWallet
Beyond Elon Musk and X, the Dogecoin developer team has done a lot to help increase Dogecoin’s potential in an all-out bull market. Towards the end of March, they announced the launch of a Dogecoin GigaWallet. The wallet is designed to help anyone integrate Dogecoin into their payment systems. With all the hype around Dogecoin, and its transaction costs are among the lowest in crypto, this wallet could trigger a growth in Dogecoin adoption in ways that could easily push the price higher than they did in the last bull run. Essentially, 2024 could be when Dogecoin hits $1 or more.
Banking The Unbanked In Africa
Such potential is enhanced by the fact that the Dogecoin developer team has been pushing to help drive Dogecoin adoption by unbanked populations around the world. Today, they have announced that a non-profit team is working towards installing RadioDoge, an ATM terminal in remote places in East Africa.
Update on my meeting yesterday re, RadioDoge for the un-banked in East Africa.
A small group of aid organisations who are working across Uganda, Tanzania, Ethiopia & Kenya to set up VSLAs (Village Savings & Loan Associations) in some of the remote regions where folk don’t have… https://t.co/DPTwC1U0XU pic.twitter.com/XNQ5MmjecJ
— Timothy Stebbing (@tjstebbing) March 27, 2024
According to the post, such installations could help unbanked populations in dangerous and remote regions transact in Dogecoin while keeping their money securely in self-custody. All this points to Dogecoin’s rising potential for adoption, which, by extension, makes it a high-potential cryptocurrency to buy now as bullish momentum builds up across the market.
Easily Accessible By Retail Investors
Another fact that favors DOGE over most meme coins is its ease of access. Anyone looking to buy Dogecoin can do so on major exchanges such as Binance, Kucoin, Kraken, and Coinbase. This makes it easy for FOMO to build up, especially now that the broader market is bullish. Dogecoin has its good news, especially regarding its potential for adoption as a payment method.
In the section below, we look at Dogecoin to determine how it could trade today and whether it could be headed to $0.50 this week.
Dogecoin Crypto Price Prediction
Dogecoin is currently trading at $0.2073, up by 4.81% when going to press. Trading volumes increased by 17% to a high of $2.48 billion in 24 hours.
Dogecoin is currently trading in a bullish channel, making higher lows. This indicates that every dip is being bought up, pushing the price higher over time.
With buying volumes rising and Dogecoin’s positive news, the odds are that every dip will keep being bought up, leading to higher prices. With the breakout for BTC today, DOGE could quickly be headed to prices as high as $0.50 soon.