After Elon Musk paid homage to Kabosu, the dog who served as the inspiration for the joke coin, Dogecoin (DOGE) is still reeling from the blow. Some of the coin’s important indicators have increased since Musk’s remarks on DOGE have been a significant growth driver.
As of this writing, Dogecoin is trading for $0.167, up 3.67% over the previous day. This gain coincides with Bitcoin’s price entering a consolidation phase after rising 2.67% to $69,218.58. Over the last week, Dogecoin’s growth hasn’t followed a consistent pattern.
Despite a decline in trading volume, the currency has increased in value by 7.72% throughout this period. DOGE now reports a 37.3% decrease in trade volume to $2,026,640,330. This trading volume suggests that 12.4 billion DOGE are exchanged in a single day. The positive price reaction indicates the underlying hunger in the price, even with the minor decline in this indicator.
Elon Musk and other influential users’ messages still have a lot of power to mobilise Dogecoin. This has been made clear throughout Dogecoin’s existence, as seen by the sharp spike in value that occurred when Elon Musk replaced the X logo with the DOGE mascot.
One important assumption within Dogecoin’s ongoing legacy is that the planned X Payments would incorporate DOGE payments and offer a distinctive usefulness for the coin universally. Although neither Elon Musk nor the platform have formally acknowledged this, the billionaire’s fondness for the coin may lead him to incorporate DOGE if cryptocurrency payments are integrated into the all-in-one app he is developing.
In light of the increasing momentum within the DOGE ecosystem, it is anticipated that Dogecoin will ultimately revert to $0.2 in the intermediate term and $0.7 in the long run.
