Dogecoin follows the general market dip. Low prices may be an attractive entry point for new investors. In the 14-day chart, the price of the original memecoin fell 12.5% and 16.3% respectively. DOGE, in spite of the recent price decline, has rallied by 1.1% on the daily charts. It is up 6% from the month before and 20,5% since June.
Dogecoin: Why it Should be On Your Watchlist
DOGE is a popular coin that has been around for 11 years. Elon Musk, the tech billionaire who founded Tesla Motors, has publicly endorsed Dogecoin (DOGE). Musk stated publicly that Dogecoin, or DOGE, is his preferred crypto project. Musk allows DOGE payment for Tesla, SpaceX and other business ventures.
Musk’s X, a social media platform, is launching a chat with Bitcoin-style cryptography. This product may pave the way for social media companies to accept crypto payments. X Money, a new feature of payment by X, is about to be launched. Dogecoin is expected to be accepted as a currency on X Money. Musk’s past decisions suggest that DOGE is likely to make it onto X Money.
The SEC is currently reviewing a Dogecoin ETF. Paul Atkins, a crypto enthusiast and candidate for the SEC’s top position, was recently appointed. Since Atkins became the head of SEC, several crypto-related cases have been dropped. Under his leadership, there is a good chance that DOGE ETFs will be approved. The DOGE ETF may lead to an increase in the price of memecoin.
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DOGE payments for X combined with a SEC spot ETF approval could see DOGE break the $1 barrier. Although both of these developments could be bullish, neither has been confirmed.
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Source: watcher.guru
