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The Dogecoin price has been unable to properly break out of the $0.2 as bears have set up resistance around this level. This has led to a stall around this price point, especially as investors panic and begin to sell their DOGE at what some believe is a high price point. However, is it advisable to sell your Dogecoin holdings at this level?
Elon Musk’s Support Can Drive Dogecoin Rally
The Dogecoin price, while it rallied in the past month, is far from achieving the expectations for the coin. A number of factors plays into driving a rise in the DOGE price and none of that have happened so far, leaving room for speculation that the meme coin has yet to begin its bull market movements.
One of the most prominent drivers of the Dogecoin price increase is the support from billionaire Elon Musk. However, Musk has been rather muted about his support for DOGE in recent times, and the euphoria that follows Musk’s show of support is yet to return.
Expectations are that the SpaceX and Tesla CEO is currently biding his time before showing public support like he did back in 2021. Given this, community members expect the price of Dogecoin to effectively explode when Musk begins tweeting about the coin again.
There are also expectations that Musk will integrate DOGE payments into X (formerly Twitter), which he acquired a little over a year ago. The billionaire has previously shared his vision of building a social media platform where DOGE payments are accepted and used to compensate creators for putting their content on the platform.
So far, Musk has already implemented the compensation for creators as part of his mission, with X paying a portion of its ad revenue to creators. With Musk showing 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 out ad revenue.
DOGE Development On The Move
Outside of the anticipation that Elon Musk will implement Dogecoin payments on X, there have been developments in the ecosystem that have caught investors’ attention. The latest of these is the Dogecoin Runestone airdrop, taking a note from the Bitcoin Runestone airdrop, which has been largely successful so far. The Dogecoin airdrop has been doing quite well, with 30,272 Runestone airdrops done so far. Trading volumes are also on the rise, and the number has crossed 100,000 DOGE since then.
Dogecoin leaps into the NFT realm with 30,272 Doge Runestone airdrops, mirroring Bitcoin’s Runestone project.
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. pic.twitter.com/G7EgPSnNYW
— IBC Group Official (@ibcgroupio) April 7, 2024
However, on its part, Dogecoin has not been seeing encouraging metrics. For starters, the meme coin has seen its daily trading volumes drop 23% in the last day, according to data from Coinmarketcap. This decline coincides with the drop in price, going from above $0.2 to bulls struggling to establish support above $0.195.
Featured image from Analytics Insight, chart from Tradingview.com
