Dogecoin (DOGE) has not yet recovered from the Tribute that Elon Musk paid to Kabosu, the dog that inspired the creation of the meme coin. With Musk’s DOGE-related posts being a major growth driver, the coin has seen an increase in some of its key metrics.
Dogecoin (DOGE) has not yet recovered from the Tribute that Elon Musk paid to Kabosu, the dog that inspired the creation of the meme coin. With Musk’s DOGE-related posts being a major growth driver, the coin has seen an increase in some of its key metrics.
Yuri MolchanAt the time of writing, Dogecoin is changing hands for $0.167, an increase of 3.67% in the last 24 hours; However, the growth comes at a time when Bitcoin price has entered consolidation mode, rising 2.67% to $69,218.58. Dogecoin’s growth over the past week has not followed a uniform pattern.
In this period of time, the coin has soared by 7.72% despite experiencing a drop in its trading volume. At the moment, DOGE boasts a 37.3% drop in trading volume to $2,026,640,330. This traded volume implies a total of 12.4 billion DOGE changing hands in one day. Despite the slight drop in this metric, the positive price reaction shows the hidden hunger in the price.
Dogecoin remains highly susceptible to Elon Musk posts and other influencers to join. This has been prominently displayed throughout its lifespan, as Dogecoin saw a massive rally when Elon Musk changed the X logo at some point to the DOGE mascot.
Yuri MolchanAmid Dogecoin’s sustained legacy, a crucial expectation is that the proposed X Payments will integrate DOGE payments and provide unique utility for the currency across the board. While neither Elon Musk nor the platform has officially confirmed this, the billionaire’s affinity for the currency could see him recruit DOGE should crypto payments appear in the app for everything he’s creating.
Amid the growing momentum in the DOGE ecosystem, the final price expectation is for Dogecoin to return to the $0.2 price mark in the medium term and $0.7 in the long term.
