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Dogecoin (DOGE) Ready to Move, There's One More Trigger Needed

Tue, 08/29/2023 - 08:36
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Godfrey Benjamin
Dogecoin (DOGE) uptrend needs this major push to ignite
Dogecoin (DOGE) Ready to Move, There's One More Trigger Needed
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The broader digital currency ecosystem is in a prolonged consolidation phase with the combined market capitalization retaining 0.27% growth to $1.05 trillion. Dogecoin (DOGE), the industry's first meme coin is adding little value to this growth as it has inked just 1.02% growth over the past 24 hours to take its price to $0.06305.

DOGE 1D Chart
Dogecoin Price Chart. Source: CoinMarketCap

Is Dogecoin (DOGE) Underdog of Meme Coin World?

Dogecoin might maintain only a conservative dominance in the broader digital currency ecosystem; it is known to print a number of impressive moves when acting solo. From current on-chain data, the meme coin is ready for its next parabolic run, judging by the sustained positivity in its trading volume across the board.

However, the Dogecoin resurgence will benefit a great deal from one more unique trigger — a bullish tweet by Elon Musk. While Dogecoin is a major digital currency with its own community and leaning, Elon Musk still appears to be the most influential figure, who is responsible for the bulk of the price movement the coin has recorded in recent times.

The trigger from Musk is undefined and can happen at any time. Should it happen, however, it can amplify the bulk of the fundamentals the coin is currently showcasing at this time.

Dogecoin whale impact

Tens of Millions of Dogecoin Moved to Binance as DOGE Rises 2.35%

Besides Elon Musk, Dogecoin can also benefit a great deal from the impact of market whales doubling down on their bags in recent times. As reported earlier by U.Today, there has been a massive accumulation of DOGE by large account holders to help cushion the circulating supply of the meme coin.

This cushioning is essential to help boost the price of the asset, and should there be a simultaneous stack up of DOGE and a post from Musk, we can expect a massive run in the price of the premier meme coin.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.