With an increase of 7% in 24 hours and 15% in a week, Dogecoin is flying into the spotlight. This meteoric jump began on September 26 and shows no signs of stopping. While the crypto market struggles, DOGE stands out thanks to several key developments. Let's take a closer look at these factors that propel this memecoin to the heights of the market.
Why does Dogecoin continue to soar?
The surge in Dogecoin crypto, locked in a bearish spiral since the beginning of September, should not nothing to chance. It is based on three major factors : the imminent arrival of smart contracts on its network, the unwavering support of Elon Musk and the action of whales massively accumulating memecoin. These elements combined outline the future of a more powerful Dogecoin, capable of competing with other more traditional altcoins.
The impact of smart contracts
The first factor explaining this increase is the Planned launch of zero-knowledge virtual machine (zkVM) on Dogecoin network. Announced by the QED protocol in partnership with Nexus, this addition will finally allow DOGE to support smart contractsa crucial functionality that was until now the prerogative of networks like Ethereum or Solana.
This innovation should allow Dogecoin to:
- Host decentralized finance (DeFi) projects;
- Launch decentralized crypto exchanges (DEX);
- Integrate NFTs on your blockchain.
Suffice to say that DOGE is showing its fangs and preparing some nice surprises for its users.
Elon Musk, still loyal to Dogecoin
Impossible to talk about Dogecoin without mentioning his biggest fan: Elon Musk. The billionaire continues to actively support memecoin, as evidenced by his latest post where he proclaimed himself “Dogefather”.
This statement did not fail to make the market react, fueling the hope of an upcoming integration of crypto DOGE as a payment method on the X platformformerly Twitter.
On top of that, Musk recently hinted that Dogecoin could once again be accepted as means of payment for Tesla derivative productsnot to mention its future charging station in Hollywood where the memecoin will be the star.
Crypto whales accumulate DOGE
The “whales”, these major investors, also play a key role in Dogecoin’s surge. According to crypto analyst Ali Martinez, over 1.40 billion DOGE accumulated in just 48 hours by these large carriers.
Large-scale transactions increased on September 26, reaching nearly 9.41 billion DOGE in one day.
This accumulation behavior demonstrates investor confidence in the future of the DOGE altcoin, reinforced by new upcoming features.
However, at the beginning of September, memecoins were in the midst of a crisis, and Dogecoin, like Shiba Inu, was experiencing the storm. Today, however, DOGE seems determined to reverse the trend and confirm its strong return to the crypto market.
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