Dogecoin Gains Traction with GigaWallet Launch and Price Surge

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The largest meme coin by market value, Dogecoin (DOGE), has recently experienced significant gains, even overtaking Cardano (ADA) and drawing all eyes to itself once again. The price of Dogecoin has risen by 8% today due to the positive outlook in the market and the launch of GigaWallet.

Dogecoin’s GigaWallet Launch

The release of GigaWallet 1.0 marks a significant milestone in bringing flexibility to managing Dogecoin payments. This development was made possible with the support of many individuals.

The major update on the GigaWallet side also includes the implementation of several key features such as multiple payment addresses, a fee deduction logic for transactions, and advanced error processing.

GigaWallet is also described as a backend service that provides an integration API for various platforms, including online stores, exchanges, and social media platforms.

Moreover, it offers a seamless solution for the proper and scheduled execution of transactions on Dogecoin.

DOGE Price Increases

While all this was happening, attention turned to the price of Dogecoin (DOGE), which saw an 8.02% increase early today, on Tuesday, March 26, climbing to $0.1857. At the time of the rise, the meme coin’s market value was approximately $26.8 billion.

Subsequently, a decline was observed in DOGE due to a general pullback in the market. Following the drop, DOGE took on a negative outlook, falling by 1% to a level of $0.1798. The market cap also fell to $25.8 billion.

Despite this setback, DOGE’s trading volume over the last 24 hours increased by just over 10% to more than $2.96 billion, highlighting the high level of investor interest. This could also be interpreted as investors selling off after today’s rise to move away from the market.

On the other hand, the market’s high volatility also led to liquidations. According to data provided by Coinglass, over $5 million of the total $7.09 million in liquidations in the last 24 hours occurred in long positions.