The price of Dogecoin (DOGE) is on the brink of eclipsing the gain Elon Musk made when he completed the $44 billion deal to buy Twitter Inc. last October. About 50 percent.
However, some analysts believe that Dogecoin’s price is preparing for a modest rise towards $0.1 soon. Moreover, according to market data from Coingecko, the price of Dogecoin has risen by around 8.8% over the past seven days.
In particular, Dogecoin’s price is on most cryptocurrency analysts’ watchlists due to its active online community. Additionally, on-chain data shows that Dogecoin is held by his 5,168,753 global crypto users. Additionally, the second largest Proof of Work (PoW) secured blockchain boasts a hashrate of around 621.8 (TH/s).
Analysts believe Dogecoin will rise soon, coupled with an increase in FOMO following this week’s crypto pump. Additionally, Solana’s recently launched meme her coin BONK has seen her rise over 22% in the past seven days.
Dogecoin has a market capitalization of approximately $10 billion and a 24-hour trading volume of approximately $489 million. According to aggregated data provided by Coinglass, the total Dogecoin liquidation across all exchanges in the last 24 hours is around $630,000.
As such, cryptocurrency analysts have shown that Dogecoin’s price will see a lot of upside due to increased on-chain activity.
A Closer Look at the Doge Market Outlook
Dogecoin is the leading meme coin, but the digital asset is poised for significant regulatory attention following the FTX and Alameda implosion. For example, Nepal’s Telecommunications Authority has instructed all Internet Service Providers (ISPs) to ban all crypto-related activities.
Nonetheless, as outlined by tech blogger Jane Manchun Wong, memecoins are likely to be listed under Twitter’s Coins feature. We have partnered to enable seamless purchases of coins. The coin payment feature allows Twitter users to tip content creators and store balances in their wallets.
As such, we believe the Dogecoin community would prefer the meme coin for Twitter’s Web3 transactions, as Musk did for Starlink payments. Additionally, Doge’s godfather has been a strong proponent of memecoins over the years through his tweets and his campaigns.
