Dogecoin has seen a slowdown in momentum with price crashes that have plagued the market. Things like transaction count metrics have shown that Dogecoin may be slowing down as the asset loses more o its value. Bitcoinist reported in September that the transaction count of Dogecoin had dropped to levels not seen since 2017. On-chain data showed that the number of daily transactions had dropped to 16,441 per day. This signal a decline in interest in the cryptocurrency which had been built off of mostly hype.
Dogecoin’s use cases, or lack thereof, is something that has prevented the digital asset from achieving the highest possible growth. This is why as the altcoin had grown in popularity, Doge developers have taken steps to expand the coin’s utility past just its monetary policy. Some of these have been reducing transaction fees to make Doge a more attractive option for crypto payments.
Increasing Doge Utility
Co-founder of Doge, Billy Markus, had reentered into the Doge market after he had previously sold all of his crypto holdings. Back again, Markus has now re-immersed himself into the Dogecoin community. Recently, the co-founder laid out what he believed would help to bolster the adoption of Doge; a Doge-Etheruem bridge and NFT support for the cryptocurrency.
Markus said that the addition of the DOGE-ETH bridge as payment methods for NFTs on platforms like OpenSea. The co-founder explained that the high demand for NFTs and being able to purchase them with Doge will increase the utility of the digital asset.
Musk wants developers to work on Dogecoin
Even Elon Musk wants to boost the development of Dogecoin. He plans to make it more ready for transactions with increased block size and low transaction cost. This is why the entire community is even more bullish on cryptocurrency. The development of Doge to be more secure, fast, cheap while bridging with Ethereum can change this meme currency into something totally serious. We have to wait and see how things proceed, but as of now, they are good.
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Dogecoin Taking The Payments Space By Storm
One sphere where Doge has been seeing increased utility has been in the payments space. Its low transaction fees make it a prime candidate for carrying out small transactions like paying for movie tickets and buying concessions at a movie theater.
Declining prices have put Doge on the brink of falling out of the top 10 crypto coins by market cap. Currently sitting at 10th position, Doge’s market cap now sits at $28 billion. The price has risen 6% in the past 24 hours as trading volume picked up with the opening of the weekend. Dogecoin trades at $0.216 at the time of writing.
DOGE price prediction
Considering that DOGE was unable to surge above the upper trend line of the triangle, it could suggest that Dogecoin price could be pressured to move lower instead. The first line of defense for the meme token is at the 78.6% Fibonacci retracement level, which coincides with the 20 four-hour SMA at $0.200.
Dogecoin may retest the downside trend line of the triangle at $0.194 before showing additional directional cues.