Dogecoin Leads Meme Coin Frenzy This Week, Here’s Why

Amid the continuing meme coin frenzy, Dogecoin has emerged because the frontrunner, fascinating traders with a staggering rally within the DOGE worth. The crypto’s current worth surge has solidified its place as a high gainer within the meme coin market.

In the meantime, the bounce in its worth and market cap has helped it to surpass Cardano (ADA) just lately, leaving many intrigued. So, let’s delve into the components driving Dogecoin’s meteoric rise this week.

Why Dogecoin Reigns Supreme Amid Meme Coin Frenzy?

The general crypto market went via tumultuous buying and selling final week, as a result of a number of hovering uncertainties. The numerous outflow within the U.S. Spot Bitcoin ETF, the SEC’s investigation on Ethereum’s securities standing, and others have dampened the traders’ sentiment.

Nonetheless, regardless of the looming issues, Dogecoin has maintained an upward momentum via the week, suggesting the rising confidence of the traders. Though there could possibly be a flurry of causes behind the DOGE worth rally, let’s have a look at some key causes.

Coinbase Announcement Of Dogecoin Futures Itemizing

Coinbase, the distinguished crypto change, filed with the CFTC on March 7, to introduce cash-settled futures for Dogecoin (DOGE), Litecoin, and Bitcoin Money. This transfer has ignited optimism, notably amongst Dogecoin fans, citing its lasting recognition.

In the meantime, Coinbase highlights Dogecoin’s long-lasting attraction, attributing its transformation from a meme to a basic ingredient within the cryptocurrency trade as a key think about bolstering market belief. Notably, the change goals to launch DOGE futures and different contracts by April 1, emphasizing the rising confidence in Dogecoin’s place.

Elon Musk’s Current Remark

In a current assertion, Tesla CEO and X proprietor Elon Musk hinted on the potential of Dogecoin as a cost choice for Tesla vehicles, stirring pleasure throughout the crypto market. Musk’s remark, reported by CoinGape Media in mid-March, has fueled hypothesis and optimism amongst traders.

In the meantime, Elon Musk has additionally promoted the meme-coin earlier and is thought for his assist of the crypto. Contemplating, the world’s richest man’s curiosity in Dogecoin alerts a possible vital growth in its adoption, additional solidifying its place within the cryptocurrency panorama.

Additionally Learn: Toncoin (TON) Price Drops As Spain Bans Telegram

X Securing Extra Cost Licenses Within the US

X Payments, led by Elon Musk, secures three further cash transmitter licenses throughout US states this week, insiders reveal. Now licensed in 22 states, X Funds goals to roll out cost options this yr.

Notably, Musk beforehand hinted at mid-2024 for cost options to go stay throughout a dialogue with Ark Make investments CEO Cathie Wooden. Nonetheless, following the current announcement, the Dogecoin worth surged, reflecting Musk’s affect. As well as, speculations come up on Dogecoin doubtlessly changing into a cost choice on X, marking one other milestone for the cryptocurrency.

Hovering Whale Exercise

The Dogecoin worth’s current rally gained momentum as distinguished crypto analyst Ali Martinez reported vital whale exercise. On March 21, Martinez highlighted that Dogecoin whales bought 25 million DOGE over 72 hours, amounting to roughly $3.75 million.

In the meantime, these substantial purchases point out rising investor confidence in Dogecoin, contributing to its upward trajectory. Whale actions, coupled with constructive developments, have bolstered curiosity and propelled Dogecoin’s worth within the crypto market.

Backside line

Dogecoin’s current rally signifies a bullish sentiment, with its Open Interest (OI) surging considerably. CoinGlass knowledge reveals a outstanding 11.69% enhance in Dogecoin OI over the previous 24 hours, reaching $1.35 billion, demonstrating heightened market curiosity.

In the meantime, high crypto exchanges like Binance and Bybit witnessed substantial OI spikes over the past 24 hours with jumps of 12.96% and 11.03%, respectively. As well as, regardless of unstable buying and selling in meme cash, the Dogecoin price’s vital surge over the previous week underscores rising investor confidence on this main meme coin.

Additionally Learn: Cathie Wood Offloads $123M Coinbase & Robinhood Stocks This Week

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Rupam, a seasoned skilled with 3 years within the monetary market, has honed his abilities as a meticulous analysis analyst and insightful journalist. He finds pleasure in exploring the dynamic nuances of the monetary panorama. Presently working as a sub-editor at Coingape, Rupam’s experience goes past typical boundaries. His contributions embody breaking tales, delving into AI-related developments, offering real-time crypto market updates, and presenting insightful financial information. Rupam’s journey is marked by a ardour for unraveling the intricacies of finance and delivering impactful tales that resonate with a various viewers.

The introduced content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.