Community Urges Phantom Wallet to Support Dogecoin

December 9, 2024 at 02:30 AM GST

Updated: December 9, 2024 at 04:06 AM

3 min read

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Dogecoin advocate Mishaboar has called on Phantom Wallet, a Solana-based cryptocurrency wallet, to support Dogecoin. In a recent post on Twitter, Mishaboar expressed his satisfaction with Phantom Wallet's services while requesting wider support for DOGE.

"Hey @phantom, I enjoy using your wallet. It would be really cool if you could add support for #Dogecoin. And since you are already supporting Bitcoin, it should not be too difficult! Let me know. May the cannoli be with you."
− Mishaboar (@mishaboar) December 7, 2024

Phantom Wallet already supports non-native Bitcoin (BTC), which Mishaboar highlighted as a basis for his appeal. As both Dogecoin and Bitcoin share similarities and utilize the PoW model, Mishaboar suggests that Dogecoin could be readily integrated.

Potential Benefits of Dogecoin-Solana Integration

Integrating Dogecoin into Phantom Wallet could create significant opportunities for both blockchains. Solana's high-speed network and low transaction costs could provide Dogecoin users with a faster and more cost-effective transaction experience.

Additionally, the move could expand Dogecoin's use case within Decentralized Finance (DeFi) and offer DOGE holders access to a wider range of Solana-powered non-fungible tokens (NFTs). Developers could explore cross-chain applications and innovative projects that bridge the capabilities of both blockchains, fostering greater collaboration between their communities.

These developments could drive increased adoption of Dogecoin and strengthen its position in the cryptocurrency market.

DOGE Price Performance and Future Prospects

Dogecoin has been experiencing a bullish trend, with its price hovering around $0.4617 at the time of writing, representing a 5.62% increase in the past 24 hours. Experts believe that if this momentum continues, it could lead to further price appreciation.

The Dogecoin Foundation plans to develop a Joint Doge Token, listed on an exchange, and explore the creation of a DOGE exchange-traded fund (ETF) in 2025. These initiatives aim to increase adoption and diversification of Dogecoin's use, potentially driving long-term price growth.

Technical analysis indicates a potential bull run for Dogecoin. The MACD has crossed above the zero line, and both the MACD line and the signal line are trending up. The RSI is slightly overbought at 61, suggesting room for further growth without immediate risk of correction.

The appeal to Phantom Wallet and the potential for broader integration signal a promising development for Dogecoin's community and market presence. The coming months will determine if this appeal translates into actionable support and its impact on the Dogecoin ecosystem.