Dogecoin’s Path to $1: Hype, Growth, and Elon’s Shadow

Dogecoin is one of the most popular meme coins on the market. Despite its market status, DOGE remains one of the best-performing cryptocurrencies.

Recently, the original meme coin witnessed massive network growth. Its market activity near the 0.083 dollar level enticed traders to liquidate their positions. Both sellers and buyers did it to maximize their profits.

Coinglass revealed that sellers liquidated more than 1.2 million dollars worth of Dogecoin due to losses. On the other hand, buyers exited their positions to secure gains after DOGE’s price paused near 0.083 dollars. Buyers ended up liquidating 323,000 dollars worth of positions in 24 hours alone.

Furthermore, Dogecoin experienced a surge in both daily active addresses and new addresses. On January 29, the network recorded a record number of new Doge addresses (247,240), according to data from IntoTheBlock.

The report revealed that the Doge network experienced a whopping 1,094% uptick in new addresses in one week alone. The 12% overnight increase in active addresses took the overall active address count to 393,060. A higher address activity suggests a bullish pattern for Dogecoin.

Currently, Dogecoin is trading at 0.079 dollars, with most traders wondering, “Will Dogecoin go up?” The coin has lost 1.97% of its value in the past 24 hours, but Doge has other things going for it.

Recently, Elon Musk, the driving force behind Doge’s initial success, obtained a Nevada money transmitter license. Although the news does not directly affect Doge, Elon’s support for the meme coin is well known.

Now that X Payments LLC has gotten the license, the platform will certainly expand the payment sector in Nevada. X has already gotten this license in 18 states and is seeking approval in 14 more states.

If Elon decides to add cryptocurrencies as a payment method in these states, popular names like DOGE will certainly gain immense momentum.

Advertisement

The meme coin is struggling at the 20-day EMA near the 0.08 dollar level. Doge is defending the 0.083 dollar level strongly and needs to push through it. A slight push will see the coin hitting a 0.088 dollar level, while a dip can take it down to 0.077 dollars.

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.

Related Articles

Back to top button