Dogecoin (DOGE) continues to surprise investors in the market. Today, it is up by over 50% outperforming all major coins. Interestingly, volumes are on the rise too, and in the past 24 hours, more than $1.3 billion worth of Dogecoin have been traded. All this points to a coin that is on move, as more investors move to take advantage of its growing momentum. But can it rise further, and actualize the dreams of investors? Well, from a look at its fundamentals, and the market environment, things could get even better for Dogecoin. Here’s why.
First, this recent rise in price could drive up media presence, thereby pushing its price further up, as more people get curious about Dogecoin, and what it’s all about. Earlier in the year, the mention of the word Dogecoin would be quickly interpreted to be a joke. It was mostly treated as a coin for newbies, and traders looking to make a quick buck then flip it for more serious coin. The idea of Dogecoin being an investment was not that popular. Even its founder at some point used it to reference to cryptocurrencies as a bubble. But with its continued stellar performance, people are actually beginning to think of it as a viable crypto investment. The listing by Robinhood and custodial services by Coinbase have helped a lot in changing perceptions too.
Second, Dogecoin’s rise has come at a time when investors are more focused on the fundamentals of cryptos, and not just the promise of what they can do. Dogecoin (DOGE) is one of the most usable coins out there. It’s the kind of coin that you can use to buy coffee or any other daily conveniences, and do so seamlessly. Not many coins can do this. Most of them either take loads of time to effect transactions, have impractical transaction costs, or are simply not decentralized enough. With such a high utility value, Dogecoin (DOGE) is taking shape as an investable asset that solves real problems, in the real world.
Then there is the bitcoin effect on the markets. Bitcoin (BTC) seems to have put the worst behind it, and could continue to rise slowly all the way back to its all-time highs. And unlike in the last rally, altcoins seem to be moving in tandem with bitcoin this time round, and most are outpacing it in gains. In essence, on top of the other factors that are supporting the rise of Dogecoin, bitcoin (BTC) is offering crucial support too. If the market continues in its current trajectory, then Dogecoin is without a doubt headed to the moon. It is making Lambo dreams come closer for many.