12.4 Billion Dogecoin (DOGE) in 24 Hours, Price Reacts

Dogecoin Rebounds on Elon Musk's Tribute to Kabosu

Cover image via U.Today

Despite the recent dip in its trading volume, Dogecoin (DOGE) has managed to recover from the tribute paid by Elon Musk to Kabosu, the canine inspiration behind the meme coin. Musk's previous posts regarding DOGE have historically acted as a significant growth catalyst.

Currently, Dogecoin is trading at $0.167, marking a 3.67% increase over the past 24 hours. This growth occurs amidst Bitcoin's consolidation phase, which has seen a 2.67% surge to $69,218.58.

Over the past week, Dogecoin's growth has been inconsistent. While the coin has soared by 7.72%, its trading volume has experienced a 37.3% decline to $2,026,640,330. Despite this slight slump, the positive price reaction indicates an underlying appetite for DOGE. DOGE 1D Chart. Source: CoinMarketCap

Dogecoin's susceptibility to social media posts by Elon Musk and other influencers has been evident throughout its history. A notable example occurred when Musk changed the X logo to the DOGE mascot, resulting in a significant uptick in the coin's value.

Among the ongoing developments in the Dogecoin ecosystem, a key expectation is the potential integration of DOGE payments into the proposed X Payments platform. While neither Musk nor the platform has officially confirmed this, the billionaire's affinity for the coin suggests that it may be considered for inclusion in the cryptocurrency payment features of his upcoming "everything app."

Amidst the growing momentum in the DOGE ecosystem, price expectations remain optimistic. In the medium term, Dogecoin is anticipated to reclaim the $0.2 mark, while longer-term projections suggest a potential rise to $0.7.