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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 latest worth surge has solidified its place as a high gainer within the meme coin market.

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

Why Dogecoin Reigns Supreme Amid Meme Coin Frenzy?

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

However, regardless of the looming considerations, Dogecoin has maintained an upward momentum by means of the week, suggesting the growing confidence of the traders. Although there could possibly be a flurry of causes behind the DOGE worth rally, let’s take a look at some key causes.

Coinbase Announcement Of Dogecoin Futures Listing

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

Meanwhile, Coinbase highlights Dogecoin’s long-lasting enchantment, attributing its transformation from a meme to a elementary factor within the cryptocurrency business as a key consider bolstering market belief. Notably, the alternate goals to launch DOGE futures and different contracts by April 1, emphasizing the rising confidence in Dogecoin’s place.

Elon Musk’s Recent Comment

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

Meanwhile, Elon Musk has additionally promoted the meme-coin earlier and is understood for his help of the crypto. Considering, the world’s richest man’s curiosity in Dogecoin alerts a possible important improvement in its adoption, additional solidifying its place within the cryptocurrency panorama.

Also Read: Toncoin (TON) Price Drops As Spain Bans Telegram

X Securing More Payment Licenses In 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 Payments goals to roll out fee options this yr.

Notably, Musk beforehand hinted at mid-2024 for fee options to go stay throughout a dialogue with Ark Invest CEO Cathie Wood. However, following the latest announcement, the Dogecoin worth surged, reflecting Musk’s affect. In addition, speculations come up on Dogecoin doubtlessly turning into a fee possibility on X, marking one other milestone for the cryptocurrency.

Soaring Whale Activity

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

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

Bottom line

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

Meanwhile, high crypto exchanges like Binance and Bybit witnessed substantial OI spikes during the last 24 hours with jumps of 12.96% and 11.03%, respectively. In addition, regardless of risky buying and selling in meme cash, the Dogecoin price’s important surge over the previous week underscores rising investor confidence on this main meme coin.

Also Read: 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. Currently 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 offered content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.