Will Dogecoin go Back Up? 4 Indicators to Look For in 2024
Will Dogecoin go Back Up? 4 Indicators to Look For in 2024
Will Dogecoin go back up shortly? This article gives a definitive review of whether things are looking good in the coming months for this meme coin or not.
Right from its launch in 2013, Dogecoin has been a story of ups and downs and has been mimicking other crypto coins’ behavior on the market. It was placed at a low value for a very long time, and it was only at the beginning of 2021 that it saw a sharp rise, resulting in a value of $0.73.
This happened after strong support from the Shiba Innu support community, celebrities, and social media attention. This all-time high converted into soaring prices due to many reasons. As of this year, this meme coin is still holding up against all the lows, and after certain developments, the dogecoin is now looking to get positive developments with forecasts leading to profits for investors. But given its previous history, many netizens are searching for “will Dogecoin go back up” and whether to invest in this meme coin.
Although we always recommend being cautious when making large investments, especially in the case of unlimited coins like Dogecoin, these indicators cannot be ignored. Below are five indicators to answer the question “Will Dogecoin go back up”, we predict that it will steadily grow in the coming months of 2024.
1. Integrations and increased acceptance
Dogeicoin has been making steady progress when it comes to industry integration and penetration. Famous e-commerce names like Newegg started to accept this meme coin as a payment option back in 2021. Moreover, BitPay and CoinPayments, which are common payment apps, also adopted Dogecoin, making its way into global payment transactions.
Dogecoin was also integrated by Travala.com and EasyDNS, which are famous travel booking platforms operating on the blockchain. This integration now enables users to book hotels, flights, and travel services all by paying in Dogecoins. Many charitable organizations have also started to accept Dogecoin as their payment method, including Giving Block, Doge4Water, and more.
2. Enhanced Added Securities:
The core team behind Dogecoin has been actively developing Dogecoin by enhancing its underlying network protocols and upgrading its features. Some of them are seen to optimize the usage of this currency, as they make this cryptocurrency more effective and safer for users.
The team’s priority in the recent work was lowering fees for transactions and increasing the speed of transactions since they are an essential aspect of the usability of Dogecoin for micropayment. Furthermore, creating new integrations with other apps is also seen as a way to encourage individual consumers, investors, or companies to make use of Dogecoin. Such improvements are all indicating a positive forecast for Dogecoin in the coming months.
3. The Influence of Elon Musk
Elon Musk has continuously advocated for this meme coin and also announced plans to add it as a payment method for Tesla merchandise. He has supported this currency both offline and online through Tesla and SpaceX, which has given investors strong confidence that this crypto is going to stay.
4. A Strong Community Backing Up:
Dogecoin’s community has been one of the most significant advantages of its platform from the very beginning. The main drivers here are the community members and managers attached to Dogecoin, which have been very active in support. This community support has not faded; instead, it is quite the contrary: this support has only intensified.
As of 2024, Dogecoin has been able to deeply establish itself on social media platforms like Twitter and, more especially, Reddit, where its users are mainly advocating for the coin and its potential to be unlocked. Also, the community has initiated several philanthropic activities and campaigns with the Ethereum currency.
The reason behind all these initiatives is due to the emotional attachment to the meme character, Shiba Innu itself, which drives this community to stay attached to this meme coin. All of this continues to add positive momentum to the Dogecoin image and perception in the public domain.
Wrapping Up:
Considering the above-stated points regarding Dogecoin in the year 2024, we can answer the question “will Dogecoin go back up” that it is highly likely that this meme coin will end up in positive growth by the end of this year with predicted rates of more than one dollar. To get information on the latest crypto rates, like Dogecoin, we recommend opting for Tokenview, a reliable blockchain explorer with support for more than 120 currencies and industry-leading APIs for developers.