Dogecoin has been up by 3.98% in the last 24 hours since this article was written. Support emanates from various sources to the extent that speculation is currently intensifying regarding the possibility that DOGE will conclude March 2024 on a positive note. The token is anticipated to surmount the $0.2 milestone if current conditions persist according to the specified timeline.
One of the factors contributing to this bullish speculation is an increase in whale activity. Reportedly, transactions for DOGE have crossed $1 million and have been happening frequently in the last 30 days. This is an increase of 600%, further making the transactions the highest number of millionaire transactions since May 2021, the time when it topped its value.
Prices have been through a correction in the last week. For reference, the current price is down by 4.17% in the last 7 days, making it more obvious that a comeback is imminent. This is evident from the fact that the value of ~$0.1556 has increased by 85.675 in the last 30 days. The market cap has propelled it to the top of the table, where most meme coins compete. Its market cap is approximately $22 billion, a surge of 3.88%. However, the 23-hour volume is underplaying its performance by 19.66%.
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A major support for Dogecoin comes from the possibility of Coinbase hosting Dogecoin futures. The product is slated to go live on April 1, 2024, subject to approval from the CFTC, which is the US Commodity Futures Trading Commission. Dogecoin is not the only one on the list; others include Litecoin and Bitcoin Cash. It has also opened the doors for the possibility of having a DOGE ETF soon on the market. The launch of Ether ETH, which is believed to have better chances than the Bitcoin ETF, could take some time.
Coinbase Derivatives have submitted a letter, and it is on the table, right in front of the Commission. Prevailing bullish sentiments have positioned Dogecoin for a better performance in the times to come. DOGE price prediction estimates that the meme coin may end the year at $0.26. By the looks of it, if Dogecoin doesn’t achieve the mark by the end of March this year, then it will certainly do so at a later moment.
The filing was submitted on March 7, 2024, and made public recently. The prices had jumped by 18% when markets closed on Thursday.
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Another contributor to the bullish sentiments for DOGE is the possibility of its inclusion in the payment method when X launches its payment service, X Payments. Reports suggest that the launch of a payment service by X would include a lot of cryptocurrencies on the list. A reason why Dogecoin is at the top of every speculation is because Musk has been its advocate for a fairly long time. Dogecoin is on the path to achieving $0.2. Only time will tell when Dogecoin reaches that milestone.
