Dogecoin has emerged as one of the top-performing cryptocurrencies today, gaining over 20% in the last 24 hours. The meme-inspired digital asset was trading at $0.1602 when going to press.
Notably, trading volumes for Dogecoin have surged by an impressive 77% in the past day, reaching a staggering $2.01 billion. This surge in trading activity points to the growing momentum behind Dogecoin and hints at a renewed investor interest in the cryptocurrency.
Tesla Updates Payment Methods
The driving force behind Dogecoin’s meteoric rise is Tesla’s decision to include Dogecoin as a payment option. This pivotal move by the electric car manufacturer represents a significant milestone for Dogecoin, endowing it with a level of utility that many cryptocurrencies lack.
As news of Tesla’s embrace of Dogecoin permeates the market, analysts anticipate a further surge in Dogecoin’s price, potentially propelling it to new highs over the weekend. The endorsement by Tesla adds considerable legitimacy to Dogecoin and opens the door for widespread adoption.
GigaWallet Likely To Draw In More Companies
Interestingly, Tesla’s adoption of Dogecoin comes just over a month after the release of the Dogecoin GigaWallet, a pioneering wallet solution aimed at facilitating the seamless integration of Dogecoin into various business platforms. The GigaWallet, hailed by the Dogecoin developer team as a groundbreaking development, provides a robust backend service equipped with an integration API, making it easier for businesses to transact Dogecoin programmatically.
In a tweet announcing the release of the GigaWallet, the Dogecoin developer team expressed gratitude to early adopters. It emphasized the platform’s potential to revolutionize how businesses transact with Dogecoin. With such innovative solutions in place, Dogecoin is poised to carve out a prominent role in the crypto payments market.
Dogecoin GigaWallet v1.0 has been released
Thank you to the early adopters already building great solutions on Dogecoin 🔥
“GigaWallet is a backend service which provides a convenient integration API for platforms such as online shops, exchanges, social media platforms etc, to…
— Dogecoin Foundation (@DogecoinFdn) March 26, 2024
Dogecoin Positioned To Beat Previous Bull Cycle Performance
With its newfound utility and growing adoption potential, Dogecoin is well-positioned to emerge as one of the standout performers in the current bull cycle. Analysts speculate that Dogecoin could replicate and surpass its impressive performance during the 2020 crypto bull run. This could be fueled by institutional adoption led by companies like Tesla.
Overall, as optimism returns to the cryptocurrency market and Tesla’s endorsement, Dogecoin could trade at $0.20 or more within the weekend.
In the section below, we do a Dogecoin price prediction to determine its possible price moves today and over the weekend.
Dogecoin Clears Last Week’s Losses As Bullish Momentum Rises
Dogecoin has been rising for the past week after bears were rejected at $0.120 earlier in the week. Dogecoin’s surging momentum this week has seen it clear all the losses from the week ending April 22. With rising buying volumes, Dogecoin is set to test key weekly resistance at $0.176. If Dogecoin bulls can push the price through the $0.176 resistance, then the March highs of $0.22 could come into focus within the weekend or early next week.
However, if Dogecoin fails to push the price through the $0.176 resistance, then a consolidation between the $0.176 resistance and $0.146 support could follow in the short term.
On the other hand, if bulls take control and push Dogecoin through the $0.146 support, it would indicate that bears have retaken the market. In such a scenario, Dogecoin could retest the weekly lows of $0.120.
Bulls Likely To Push Dogecoin Higher
Despite the risk of a bearish reversal, the odds are high that Dogecoin could be headed higher. One of the factors likely to drive DOGE higher in the short term is the latest Tesla news. Tesla is one of the largest companies in the world and a significant player in the electric car market. The fact that it is choosing DOGE as a payment option could help drive the price higher, mainly due to FOMO.
Dogecoin will also benefit from the rising bullish momentum across the crypto market. Bitcoin has rebounded strongly from a low of $56,900 to $64,000 in under 72 hours. This has significantly improved sentiment in the cryptocurrency market and could support DOGE. That’s especially because DOGE already has big news of its own.
Read More: Dogecoin Price Prediction and Forecasts