Dogecoin price has not been able to adequately break above $0.2 as the bears have established resistance around this level. This has caused stagnation around this price, especially as investors panic and start selling their DOGE at what some believe is a high price. However, is it advisable to sell your Dogecoin holdings at this level?
Elon Musk's Support May Fuel Dogecoin Rally
The price of Dogecoin, although rising last month, is far from meeting expectations for the coin. Several factors influence the rise in DOGE price and none of them have happened so far, leaving room for speculation that the meme coin has not yet started its bullish moves in the market.
One of the most prominent drivers of Dogecoin's price rise is the support of billionaire Elon Musk. However, Musk has been fairly quiet about his support for DOGE as of late, and the euphoria following Musk's show of support has yet to return.
The CEO of SpaceX and Tesla is expected to be biding his time before showing public support like he did in 2021. Given this, community members expect the price of Dogecoin to skyrocket when Musk starts tweeting about the currency again.
There are also expectations that Musk will integrate DOGE payments into x (formerly twitter), which he acquired just over a year ago. The billionaire previously shared his vision of building a social media platform where DOGE payments are accepted and used to compensate creators for posting their content on the platform.
So far, Musk has already implemented compensation for creators as part of his mission, with x paying a portion of its advertising revenue to creators. Since Musk shows commitment to this vision, it is natural that the Dogecoin community is waiting for him to implement the other part of this, which is accepting DOGE payments on the platform and using DOGE to pay advertising revenue.
DOGE development on the move
Beyond the anticipation that Elon Musk will implement Dogecoin payments on x, there have been developments in the ecosystem that have caught the attention of investors. The latest of these is the Dogecoin Runestone airdrop, taking note of the bitcoin Runestone airdrop which has been very successful so far. The Dogecoin airdrop has been going quite well, with 30,272 Runestone airdrops taking place so far. Trading volumes are also increasing and the number has exceeded 100,000 DOGE since then.
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Dogecoin jumps into the nft realm with 30,272 Doge Runestone airdrops, mirroring bitcoin's Runestone project.
Trading reaches 80,142 DOGE.
Robo ai's new DRC-420 protocol on Doginals is set to improve Dogecoin media.
Additionally, Doom can now be played on the Dogecoin blockchain. pic.twitter.com/G7EgPSnNYW
— IBC Group Official (@ibcgroupio) twitter.com/ibcgroupio/status/1777052221324058720?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>April 7, 2024
However, Dogecoin, for its part, has not achieved encouraging metrics. For starters, the meme coin has seen its daily trading volumes drop by 23% in the last day, according to data from Coinmarketcap. This decline coincides with the price falling from over $0.2 as the bulls struggle to establish support above $0.195.
x
DOGE price stalls at $0.2 | Source: DOGEUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
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