From Meme to Mainstream: Dogecoin’s Rising Star in the Crypto World and What’s Next for DOGE

From Meme to Mainstream: Dogecoin's Rising Star in the Crypto World and What's Next for DOGE

The meme coin industry, spearheaded by Dogecoin (DOGE), is poised for significant growth in the coming months, driven by political campaigns in the United States. The surge of PolitiFi meme coins has accelerated the adoption of web3 technology.

Among all meme coins, Dogecoin remains the undisputed leader. This large-cap altcoin, with a market capitalization of approximately $20 billion and a daily trading volume of around $1.3 billion, boasts over 7.3 million holders.

Why Investors Are Embracing Dogecoin

The approval of spot Ether ETFs in the US has marked a significant milestone for mainstream adoption of digital assets and web3 projects. Data from Santiment indicates that Dogecoin whales have been accumulating more coins in anticipation of an impending rally.

Tech billionaire Elon Musk's unwavering support for Dogecoin is another key factor driving its popularity. Notably, Dogecoin is already accepted as a payment method by Tesla and SpaceX. Additionally, Musk's X platform has secured 34 money transmitter licenses.

𝕏 Payments — later this year.Only 16 states left! pic.twitter.com/OcEJWGnfkF— DogeDesigner (@cb_doge) July 22, 2024

Musk believes Dogecoin is an ideal payment option as the US dollar continues to lose value due to constant printing.

Midterm DOGE Price Expectations

The Proof-of-Work (PoW) meme coin has surged over 23% in the past two weeks, trading at approximately 13 cents on Tuesday. Technically, DOGE's price is poised for a major bullish uptrend towards its all-time high.

$DOGE has literally just made a textbook perfect retest. pic.twitter.com/PZa2MRTRmx— Woetoe (@cryptowoetoe) July 23, 2024

According to crypto analysts, including Rekt Capital, Dogecoin has successfully retested the macro bullish breakout and is now embarking on a significant uptrend.