Dogecoin Stalls At $0.2: Why You Should Not Sell Your DOGE Below $1

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The price of Dogecoin has been struggling to surge past $0.2 due to strong resistance from bears in that region. This resistance has caused a standstill for the coin around this price, and with investors growing uneasy and selling off their DOGE holdings, there’s been an increase in uncertainty about whether this is a good price point to exit the market. But should you really cash out your Dogecoin investments at this stage?

Elon Musk’s Support Can Drive Dogecoin Rally

The price of Dogecoin saw an uptick over the past month, but it hasn’t reached the anticipated levels yet. Several elements have contributed to the potential price increase for DOGE, but none of these circumstances have materialized as of now. This opens up possibilities that the meme currency is still waiting to initiate its bull market trends.

Elon Musk’s backing has significantly contributed to Dogecoin’s price surge. Lately, Musk has been less vocal about his favoritism towards DOGE, leaving some excitement in its wake absent.

Community members believe that Elon Musk, the CEO of SpaceX and Tesla, might soon express open support for Dogecoin publicly, as he did before in 2021. This anticipation has led to expectations among the community that the price of Dogecoin could experience significant growth once Musk begins talking about it again.

Musk, who bought X (previously Twitter) about a year ago, is anticipated to incorporate Dogecoin payments into the social media site. The entrepreneur has previously voiced his ambition of creating a social media community where users can make transactions using Dogecoin to reward content creators.

To date, Musk has followed through with his plan to reward content creators by having X distribute a portion of its advertising earnings to them. Given Musk’s dedication to this goal, it’s only logical that Dogecoin enthusiasts are anticipating the next step: Musk integrating DOGE payments on the platform and dispersing ad revenue in DOGE currency.

DOGE Development On The Move

Elon Musk’s expected integration of Dogecoin for payments on X aside, noteworthy advancements have emerged within the community, attracting investor interest. The newest addition is the Dogecoin Runestone airdrop, inspired by Bitcoin‘s successful Runestone drop. This airdrop has seen considerable success, with 30,272 distributions completed to date. Furthermore, trading volumes have significantly increased, surpassing 100,000 DOGE since its implementation.

Dogecoin makes its entry into the world of Non-Fungible Tokens (NFTs) by distributing 30,272 “Runestones” as freebies to Dogecoin holders, following a similar initiative taken by Bitcoin in this regard.
Trading hits 80,142 DOGE.
Robo AI’s new DRC-420 protocol on Doginals is set to enhance Dogecoin media.
Plus, Doom is now playable on the Dogecoin blockchain.
— IBC Group Official (@ibcgroupio) April 7, 2024

Dogecoin hasn’t shown positive signs lately. For instance, its daily trading volumes on Coinmarketcap decreased by 23% within the past day, which is accompanied by a drop in price from over $0.2 to a struggle for support above $0.195.

Dogecoin Stalls At $0.2: Why You Should Not Sell Your DOGE Below $1

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2024-04-10 02:11