Dogecoin gains traction, signals a potential comeback for DOGE

Dogecoin is down in three categories at the moment: 24 hours, 7 days, and 30 days. The slip is 0.66%, 1.17%, and 6.13%, in the same order. The meme token, yet, never really lost anyone’s interest. The community has backed it all along, and members now have two core reasons to strengthen their beliefs.

Two situations have emerged, signaling that Dogecoin is gaining traction and that there is a chance for DOGE to make a comeback. These two situations pertain to the X payment platform and the release of Doom.

Elon Musk taking over X, then Twitter, pretty much paved the way for innovations to happen left, right, and center. He has literally shaken up all the possible pillars of the platform, making sure that it becomes everything that the Internet stands for. The announcement about launching a payment platform sounded general until the community began speculating that he would integrate crypto tokens into that facility.

DOGE is one of the cryptocurrencies that everyone speculates will find its name on the list. Musk has been vocal about crypto for a long time. Hence, listing Dogecoin makes it only natural for him to carry that forward. To clarify, there is no certainty that DOGE will be listed on the payment platform. As a matter of fact, it is only speculation that X will house cryptos on its payment platform.

That said, the adoption rate has been noted at 86%, with 890,000 addresses created over the past week. New users are engaging in their first transactions, evidenced by the fact that there is a significant uptick in 24-hour volume by 29.98%. The market cap has dropped by 0.70%, but it remains capable of recovery in the future.

Next comes the release of Doom. Defined as an iconic game, it has been executed through a protocol and permanently inscribed on the Dogecoin network. The team has marked an initial achievement by successfully retrieving game data. Not a lot has been said in the reports about Doom except that it has instilled a sense of excitement in everyone’s minds.

The most important and crucial turning point remains speculation about DOGE getting listed on X. That has triggered a Dogecoin price prediction to estimate the token’s value at $0.26 by the end of this year. An alternate estimate is $0.23, assuming every factor aligns as it is predicted to align.

Until then, $0.078 is the support level, and $0.088 is the resistance mark, which gets into the good books if DOGE sustains the support level. Challenging the milestone of $0.09 would open the doors to the psychological barrier of $0.1. So, the actual estimate is a far-fetched dream but not precisely an impossible one.

Moving forward, DOGE could be subjected to volatility throughout 2024. It will gain strong ground if reports about getting listed on the X payment platform are officially confirmed. The token was bearing a red flag at the time of articulating this piece.

Thus far, the community has been optimistic regarding the speculation. Members have begun exchanging Dogecoin-themed posters to express their enthusiasm. According to some, they are currently awaiting the announcement related to Doge Ordinals.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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