As the globe’s wealthiest man is cutting D.O.G.E. loose, the crypto currency of the same name is regenerating positive momentum. The political scene has completely overshadowed the light-hearted community behind Dogecoin (DOGE) this year.
Elon Musk-Infused DOGE Price Roller Coaster
However, opening a government-overlooking branch with the same abbreviation has definitely garnered publicity for DOGE. For example, the Shiba Inu-themed meme coin rocketed to $0.42 a day before Donald Trump’s inauguration.
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Conversely, it took less than a month to backtrack all the way to $0.25 amidst the long-term lack of upgrades in the largest PoW chain aside from Bitcoin. Luckily for DOGE coin supporters, this is likely to be changed in the near future.
Hopping off the lower boundary in the ascending triangle, Dogecoin’s (DOGE) price has the 4th chance to break past $0.285, which would restore February, 2025 price levels. The professional trader notes sees this DOGE resistance level as a make-or-break moment.
Meanwhile, fetching $0.50 won’t be easy for the top dog, as even the December 2024 bull rally witnessed a sharp rejection before entering the $0.50 territory. That time, Doge landed a new yearly peak of $0.46, while $0.50 was last touched back in May, 2021.
Dogecoin: The New Ultimate Internet App Host?
With many strong voices in the community pitching political posts instead of memes, it seems that this controversial trend is coming to a halt. For Dogecoin, this could turn out to be an opportunity to focus on chain upgrades, liquidity boosts & new utility cases.
A few weeks back, DogeOS raised $6.9 million to turn the most popular dog-styled meme coin into a full-fledged dApp ecosystem. The decentralized applications (dApps) are meant to be compatible with X, previously known as Twitter.
Moreover, this $6.9M dApp fund is backed by MyDoge crypto wallet, a smash hit among the community, popularly referred to as DOGE Army. The idea behind Polychain Capital-led funding deal is to support promising community apps.
Developers on Dogecoin’s (DOGE) Proof Of Work (PoW) blockchain can strive for a piece of the $6.9 million fund by completing a submission form on the official website. With the project in Early Access mode, there’s still no confirmation from Musk about X integration.
On The Flipside
- The Shiba Inu-styled Dogecoin is known to have a historically ultra-high price correlation with Bitcoin, currently sitting at 0.88 of 1.
- Namely, DOGE outscored Bitcoin’s price in the past month with 24% growth against 13%, but the yearly returns are higher on BTC.
Why This Matters
The political scene, especially that of the United States, has played a pivotal part in crypto adoption. Decisions done by influential political figures, especially those directly involved in crypto, can drastically shift market sentiment.
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