Dogecoin Price Analysis: Retail Store Adoption of Musk’s DOGE Gains Prominence / Source: Cryptonews
The price of Dogecoin (DOGE), which was last seen hovering around its 50DMA in the $0.1050 range, is plummeting.
It has dropped more than 20% from its peaks above $0.13 set last week, when it sold off along with the rest of the cryptocurrency market due to risk-off flows linked to geopolitics.
If the Dogecoin price falls under its 50DMA, that could be the precursor for a drop back to August lows in the $0.08 region.
Perhaps all it would take is an Israeli counterattack on Iran.
However, investors may want to take advantage of the current decline in Dogecoin’s price to make an investment.
This is due to the fact that the meme coin’s acceptance as a form of payment is increasing and the cryptocurrency’s long-term fundamentals appear solid.
Dogecoin Adoption Rises
A Bloomberg article on Wednesday made the case that small retailers are increasingly accepting DOGE payments.
According to the article, Williamsburg Pizza is spearheading the push for DOGE adoption.
Aaron McCann, the founder of the restaurant chain, even created DogeExpress, a payment processor designed exclusively for Dogecoin, and has since started adding more tiny merchants.
DOGE currently accounts for about 6% of all the transactions conducted by BitPay, a leading crypto payment processor.
And not just tiny merchants are endorsing Dogecoin.
Not to mention, powerful billionaires like Elon Musk and Mark Cuban have endorsed Dogecoin.
Since 2021, Musk has been a big supporter of DOGE and regularly touts the coin.
For a while now, Musk and his social media network X have hinted that Dogecoin might be used in an upcoming X payments system.
And, if Republican nominee Donald Trump wins the November US Presidential election, Musk may head a new government agency called “the Department of Government Efficiency”, or D.O.G.E.
— Elon Musk (@elonmusk) September 28, 2024
Cuban, on the other hand, began taking DOGE payments in 2021 for his Dallas Mavericks merchandise.
Is a $10 Dogecoin Price Possible?
The arrival of a new era of monetary policy easing is expected to power a strong crypto bull market into 2025, geopolitical risks aside.
Bitcoin could well power above $100,000.
If that happens, Dogecoin might eventually reclaim its record highs from 2021, which were around $0.74 and $1.0.
For Dogecoin, which at one point in its existence was only worth $0.00010, that would be a huge accomplishment.
If Bitcoin’s market cap surpasses $2.5 trillion, Dogecoin’s market cap, at $1.0, would be just over $140 billion.
Could Dogecoin then increase tenfold to $10 and reach $1.4 trillion in value?
Hey, in crypto, you never say never. It is anticipated that Bitcoin will serve as the global reserve asset rather than the world’s cryptocurrency for payments.
This creates room for a coin to emerge as the global, decentralized medium of exchange.
Dogecoin could indeed become a trillion-dollar coin if it were to attain such widespread use.
Dogecoin Alternative to Consider
Dogecoin may well go on to post 10x gains in 2025.
But some meme coin investors will be hunting much bigger upside.
One of the best ways to secure big gains of 20x or more in meme coin markets is to join a new coin at its early presale stage.
Analysts at Cryptonews.com are big fans of a new coin called Meme Bets (MEMEBETS), which sits at the intersection of the meme coin and fast-growing GambleFi worlds.
Trading enthusiasts have already invested over $350,000 in the meme coin GambleFi protocol, even though the presale was only recently launched.
Meme Bets is a web casino and Telegram platform that allows cryptocurrency degenerates to trade their holdings of meme coins.
Meme Bets was recently added to a list of coins that Cryptonews’s in-house presale analyst believes have 100x potential.