- Despite rallying over the weekend to hit a two-week top at $0.08325, DOGE has been dethroned from the top 10 coins; can it reverse the trend and hit $0.15?
- However, real-world adoption is set to skyrocket as DOGE plans to hit Shopify as a payment option this year and wallets grow at their fastest rate in history.
Dogecoin, the world’s largest meme coin, is on a path to becoming an ecosystem that supports thriving payments, NFTs, and decentralized applications. However, its price has yet to reflect its ambitions, and it recently lost its position in the top ten after Avalanche’s surge over the weekend. Will its new tech roadmap push its price to the elusive $0.15 price level?
At press time, DOGE is trading at $0.08148, down by 0.69% in the past day, despite a slight increase in the trading volume to hit $308 million.
With a market cap of $11.66 billion, Dogecoin has slipped out of the top ten and is now the 11th most valuable crypto, with Avalanche now ninth as Chainlink moved to tenth. With TRON gaining more over the past week and closing in on DOGE, the meme coin could be in danger of slipping further down the chart.
The dip on the charts is reflected in the meme coin’s overall transaction activity. As one analyst revealed on X today, the transaction volume has decreased, as has the whale transactions—the latest indicator that interest in DOGE has been dwindling in recent weeks. This is in stark contrast to fellow meme coin Shiba Inu which has recorded an uptick in whale activity.
#Dogecoin is experiencing a decrease in transaction volume and whale transaction count, which typically indicates lower trading activity. This could be a sign that fewer people are buying, selling, or transferring #DOGE, possibly due to reduced interest or confidence in it! pic.twitter.com/SiKNxx4FhN
— Ali (@ali_charts) February 12, 2024
Dogecoin’s continued association with Elon Musk, which was once its greatest strength, is also proving to be its Achilles heel. The Tesla and X CEO has attracted regulators’ ire in recent months, leading to investigations into his activities at the social media firm. Details about his abuse of power at the helm of Tesla have also come to light, and DOGE could suffer from the negative publicity.
Dogecoin (DOGE) Charts Path to Utility
Amid the headwinds, Dogecoin’s future could rely on its ability to transition from a meme coin to a project with utility, and its tech roadmap holds the key.
As CNF reported, Dogecoin intends to venture into online payments with the expansion of Gigawallet. Via integrations with WooCommerce, DOGE is now available in dozens of online stores as a payment option. Turnkey plugins are also available for the easy integration of DOGE payments by any merchant. Additionally, integration with Shopify, the global e-commerce platform with five million online stores, is due later this year, exposing DOGE payments to 16% of the global e-commerce ecosystem.
Payments are one of the best low-hanging fruits for any crypto. According to the Boston Consulting Group, the global payments revenue pool will hit $2.2 trillion by 2027. Cryptocurrencies have failed to make an impact on payments despite Satoshi Nakamoto establishing Bitcoin as an electronic payment system. Dogecoin’s low fees and fast payments, and the added security of proof-of-work, could make it the first crypto to claim its stake in the payments sector.
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