Summary
- A new updated version of Dogecoin has recently been released, offering enhanced speed and less transaction period to its users.
- DOGE getting into market segments considered as unchartered territory for most altcoins.
Dogecoin continued to trade sideways yet again, selling at $0.04918 at the time of going to press. The cryptocurrency was 0.91% below its selling price in the previous 24 hours, during which it reached highs of 0.0509 and lows of 0.0478.
After a rollercoaster ascent to all-time highs of 0.0858 set 25 days ago, Dogecoin has experienced a drop in its value and has lost the momentum required for a steady ascent. Importantly, its fairytale rise seems to have undergone a reality check leading to sideways’ price oscillations. Tweets from Tesla CEO Elon Musk do not affect the price of Dogecoin anymore.
DOGE has been facing lower volatility in the past few days, with marginal gains. However, it is still among the fifteen largest digital currencies with a market capitalization of about $6.4 billion.
Dogecoin’s popularity is far from waning, pointing to the fact that its sheer popularity could still determine its price going forward. There had been increased demand for DOGE even before the latest update on the currency was released.
Dogecoin is now the most popular digital currency on social media platforms. This digital currency is currently being talked about more on Twitter than the market’s two largest cryptocurrencies, Bitcoin and Ethereum.
Adoption of Dogecoin by institutions and popularity push
DOGE’s popularity has permeated institutional barriers, subsequently increasing its exposure to investors. It is currently available on CoinFlip and CryptoLocally.
About a week ago, CryptoLocally announced that the integration of Dogecoin into its platform was an initiative driven by the community. On the other hand, CoinFlip has recently permitted traders to buy the digital currency in any of their over 1000 ATMs distributed in the United States using cash.
Kronos Advanced Technologies Inc., a product development and production company, declared that it would partner with BOTS Inc. to establish the latest digital currency mining device. The next-generation device will be efficient in mining various digital currencies, including DOGE.
Similarly, at the end of last month, Ebang International Holdings Inc. passed a proposal to initiate a mining business in altcoins, including DOGE and LTC. Dong Hu, the CEO and chairman of the company, approved the proposal. The cryptocurrency mining business is designed to support linked digital currency dealings with the company to increase its revenue.
Amazon faced a petition earlier this month. The petition signed by thousands of people has resurfaced, beseeching Amazon to let its clients make payments using the digital currency DOGE. There has also been a concerted effort for DOGE’s adoption by Amazon from Reddit members. This underlines the centralization of popularity in Dogecoin’s price growth.
Elsewhere, Phemex, a crypto-exchange located in Singapore, has launched leveraged trading for DOGE and Aave. A few days ago, the company introduced future contracts that have no expiry dates. This is the proof that Dogecoin is capable of penetrating territories that have otherwise proven difficult for the majority of altcoins.
At the beginning of this month, a new update of Dogecoin was released. The update has improved the speed and has also decreased the time taken for transactions of the digital asset. This will certainly influence Dogecoin’s price trajectory in the coming days.
DOGE/USD technical outlook
Dogecoin price has gone down by nearly 2% in the last 24 hours.DOGE/USD will find the first support level at $0.0478 and the second support level at $0.0492. It will meet the first resistance level at $0.0507 and the second resistance level at $0.0518, beyond which the price is expected to reach a high of above $0.06.
The recent upgrade is expected to lead to a bullish trend for the DOGE/USD pair.
