Something Big Looms on Horizon for Dogecoin (DOGE)

Dogecoin (DOGE) might be on the verge of soaring to new highs as the crypto market is gradually wriggling out of the losses accrued in the past week. At the time of writing, data from CoinMarketCap shows that Dogecoin is trading for $0.08097, down by 2.01% in the past 24 hours
This price mark, though still in the bearish zone, is an improvement compared to the more than 4% loss printed earlier in the day. While the periphery data outlook shows gloom, crucial market data from IntoTheBlock (ITB) points out a fundamental shift that might spark a mega rally in the long term. The ITB data shows a shift in both whale addresses and active daily wallets on the network. Whales are making a splash on Dogecoin at the moment, with overall volume traded coming in at $1.07 billion, up by 17.38% in 24 hours. The daily active addresses have jumped by 0.6%, with a total of 57,180 recorded at the moment. Dogecoin has been an attractive force for retail buyers over time, however, the dramatic shift it is eyeing at the moment is most likely going to be driven by whales owing to their relative consistency in keeping the uptrend drive. Dogecoin to trail meme coin renaissance Dogecoin as a standalone digital currency may not experience enough traction unless the collective meme coin hype is harnessed, its propensity to break new heights might be eroded. Dogecoin’s current price is more than 88.9% below its all-time high (ATH) of $0.7376. Related
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Musk Is Still a Dogecoin Holder
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Alex Dovbnya
Tesla and SpaceX CEO Elon Musk remains a steadfast supporter of Dogecoin, holding a substantial amount of the cryptocurrency personally, while his company SpaceX holds Bitcoin


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Fri, 12/01/2024 - 5:50
Musk Is Still a Dogecoin Holder
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Contents
Will Dogecoin be part of X?
Concerns over Musk's influence
ADVERTISEMENT
Elon Musk, the CEO of Tesla and SpaceX, has reaffirmed his support for the cryptocurrency Dogecoin.

Musk disclosed that he still holds a significant amount of Dogecoin, while SpaceX maintains a large Bitcoin portfolio.

This revelation comes amidst announcements that Musk's social media network, X, formerly known as Twitter, is poised to introduce peer-to-peer payments within the year.

Will Dogecoin be part of X?
This move could potentially boost Dogecoin's utility, as Musk has been actively transforming X into a versatile platform encompassing a wide range of functions, including financial transactions.

X's upcoming feature is expected to increase user engagement and open new avenues for commerce on the platform.

Related
Anthony Scaramucci Shares Strategy for Bitcoin ETF
Although specific details about the peer-to-peer payment system's workings and launch date remain undisclosed, X Payments LLC, a subsidiary of X, has already secured money transmission licenses in 14 states.

This integration of financial services aligns with Musk's vision of making X an "everything app."
Meme Combat
Musk Is Still a Dogecoin Holder
ADVERTISEMENT

article image
Alex Dovbnya
Tesla and SpaceX CEO Elon Musk remains a steadfast supporter of Dogecoin, holding a substantial amount of the cryptocurrency personally, while his company SpaceX holds Bitcoin


News
Fri, 12/01/2024 - 5:50
Musk Is Still a Dogecoin Holder
Cover image via www.youtube.com
Read U.TODAY on
Google News
Contents
Will Dogecoin be part of X?
Concerns over Musk's influence
ADVERTISEMENT
Elon Musk, the CEO of Tesla and SpaceX, has reaffirmed his support for the cryptocurrency Dogecoin.

Musk disclosed that he still holds a significant amount of Dogecoin, while SpaceX maintains a large Bitcoin portfolio.

This revelation comes amidst announcements that Musk's social media network, X, formerly known as Twitter, is poised to introduce peer-to-peer payments within the year.

Will Dogecoin be part of X?
This move could potentially boost Dogecoin's utility, as Musk has been actively transforming X into a versatile platform encompassing a wide range of functions, including financial transactions.

X's upcoming feature is expected to increase user engagement and open new avenues for commerce on the platform.

Related
Anthony Scaramucci Shares Strategy for Bitcoin ETF
Although specific details about the peer-to-peer payment system's workings and launch date remain undisclosed, X Payments LLC, a subsidiary of X, has already secured money transmission licenses in 14 states.

This integration of financial services aligns with Musk's vision of making X an "everything app."

Concerns over Musk's influence
Musk's support for Dogecoin has been a driving force in the cryptocurrency's popularity, it has also raised concerns within the Dogecoin community.

Critics, like prominent community member Mishaboar, argue that Musk's influence might be skewing the narrative around Dogecoin, potentially leading to oversimplified solutions to complex issues.

In a recent X post, Mishaboar stressed the danger of the community blindly aligning with Musk's views, especially given his tendency to align with certain political factions and his influence over public opinion.

Mishaboar's critique extends to Musk's inner circle, arguing that a lack of dissenting voices could lead to an echo chamber effect, where challenging or complex viewpoints are sidelined.