Dogecoin to the moon? Market reacts to DOGE’s 3-year price high

• Dogecoin surged to $0.21, attracting retail and institutional investor’s interest.
• Dogecoin GigaWallet v1.0 releases and DOGE futures debut hints at growth potential.

In recent days, the spotlight has once again turned to Dogecoin [DOGE], the meme-based cryptocurrency that has captured widespread attention. Surging nearly 37.39% within a week to reach $0.22, the coin has sparked the interest of both retail and institutional investors. 

All thanks to the GameStop saga starting in January 2021, fueled by small investors and Reddit’s WallStreetBets community, and Tesla CEO Elon Musk for endorsing the dog-themed memecoin. 

DOGE breaks its previous record 

According to CoinMarketCap, DOGE reached its highest point in three years at $0.22. This surge aligned with the growth of wallet addresses on its blockchain, now at 6.27 million with the introduction of GigaWallet v1.0. 

Remarking on the same, Dogecoin Foundation noted,

“Dogecoin GigaWallet v1.0 has been released. Thank you to the early adopters already building great solutions on Dogecoin.”

The tweet further elaborated,

“GigaWallet is a backend service which provides a convenient integration API for platforms such as online shops, exchanges, social media platforms etc, to programmatically transact Dogecoin.”

Moreover, there’s continued excitement for the 1st of April debut of DOGE futures on Coinbase, hinting at potential price spikes.

Jumping into the fray @david_dogecoin said, 

“BTC is about to cross. When that crosses, dogecoin will fly. To the moon.”

What will be DOGE’s next move?

Contrary to expectations, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, in conversation with The Economic Times, interprets Dogecoin’s recent performance as a stable turnaround from its low point. He predicts potential selling pressure in Dogecoin’s future. 

Hence, with its recent milestones and upcoming developments, the future of Dogecoin remains uncertain, leaving investors eagerly anticipating the next twist.