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12.4 Billion Dogecoin (DOGE) in 24 Hours, Price Reacts

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Sat, 25/05/2024 - 15:04
12.4 Billion Dogecoin (DOGE) in 24 Hours, Price Reacts
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Dogecoin (DOGE) is yet to recover from the tribute Elon Musk paid to Kabosu, the dog that inspired the creation of the meme coin. Since Musk’s posts relating to DOGE are a major growth booster, the coin has seen a bump in some of its key metrics.

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At the time of writing, Dogecoin is changing hands for $0.167, up by 3.67% in the past 24 hours, growth coming at a time when Bitcoin’s price has entered consolidation mode, however, with a 2.67% surge to $69,218.58. The Dogecoin growth over the past week has not followed a uniform pattern.

In this time span, the coin has soared 7.72% despite seeing a slip in its trading volume. At the moment, DOGE boasts of a 37.3% slip in trading volume to $2,026,640,330. This traded volume implies a total of 12.4 billion DOGE changing hands in a day. Despite the slight slump in this metric, the positive price reaction shows the hidden hunger in the price.

DOGE 1D Chart. Source: CoinMarketCap

Dogecoin remains highly susceptible to posts from Elon Musk and other influencers to rally. This has been showcased prominently throughout its lifespan as Dogecoin saw a massive uptick when Elon Musk changed the X logo at some point to the DOGE mascot.

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Amid the sustained legacy of Dogecoin, one crucial expectation is that the proposed X Payments will integrate DOGE payments and provide a unique utility for the coin across the board. While neither Elon Musk nor the platform has officially confirmed this, the affinity the billionaire has for the coin might make him enlist DOGE should crypto payments feature in the everything app he is building.

Amid the growing push in the DOGE ecosystem, the ultimate price expectation is that Dogecoin will return back to the $0.2 price mark in the midterm and $0.7 in the longer term.

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