Why Dogecoin Price Rising So Fast?
Highlights
- The Dogecoin price is rising because of plans to enable smart contracts on the meme coin's network.
- The world's richest man Elon Musk also continues to show support for DOGE.
- Dogecoin whales are also actively accumulating and have contributed to the price surge.
The Dogecoin price has surged significantly in the last 24 hours, rising by almost 10%. This price surge is thanks to several bullish developments, including plans to launch a zero-knowledge virtual machine (zkVM) on the Dogecoin Network to enable smart contracts. Dogecoin whales have also been actively accumulating the foremost meme coin.
Why The Dogecoin Price Is Rising So Fast
The meme coin’s price has surged for several reasons. One is the QED protocol’s plans to enable smart contracts on the Dogecoin network. Elon Musk also continues to support DOGE, and whales are actively accumulating the top meme coin.
QED Protocol To Enable Smart Contracts On DOGE Network
The DOGE price is rising so fast partly because of its bullish fundamentals. QED protocol announced its partnership with Nexus to launch a zero-knowledge virtual machine (zkVM) on the Dogecoin network. This move will enable smart contracts functionality on the meme coin’s network and help it compete with Ethereum and Solana.
As part of the partnership, the QED protocol and Nexus will help scale the network with the zkVM and include tools that empower developers to launch several Decentralized Finance (DeFi) projects on the network, including decentralized exchanges and non-fungible tokens (NFTs).
This move is undoubtedly bullish for the Dogecoin price since it will help boost DOGE’s adoption by adding more utilities for the meme coin. The development is also timely, as network activity on the Dogecoin network has stagnated for a while now. IntoTheBlock data shows that the number of new addresses on the network has remained sideways over the last three months.
Elon Musk Shows Support For DOGE
Another reason the Dogecoin price is rising is Elon Musk’s continued support for the meme coin. Musk posted a picture of the dog behind Dogecoin, saying ‘Dogefather.’ This came following a video in which he referred to himself as the Dogefather.
The billionaire’s support for DOGE is why there continue to be speculations that the X platform, which Musk owns, could enable DOGE payments when its payments service goes live. If that happens, it will add more use cases for the foremost meme coin.
It is worth mentioning that Musk already stated that Dogecoin would be accepted at the futuristic supercharging station in Hollywood when it finally launches. The world’s richest man also recently mentioned that he would like DOGE to be accepted again as a payment method for Tesla’s merchandise, indicating that it might already be in the works.
Dogecoin Whales Are Heavily Accumulating
DOGE whales have also contributed to the Dogecoin price rising so fast. Crypto analyst Ali Martinez recently shared data from the on-chain analytics platform Santiment, which showed that these whales accumulated over 1.40 billion coins in 48 hours.
IntoTheBlockData also shows a surge in large transactions, indicating an accumulation trade among these Dogecoin whales. These investors traded 9.41 billion DOGE on September 26.
- SEC Issues Guidance Enabling Ripple, Coinbase, BitGo to Qualify as Custodians
- Fed’s Goolsbee Cites Inflation Worries in Case Against Further Rate Cuts
- David Schwartz To Step Down as Ripple CTO, Delivers Heartfelt Message to XRP Community
- Michael Saylor Reveals Strategy’s Endgame To Accumulate $1 Trillion Bitcoin For Its Treasury
- CZ Hints at ‘Uptober’ Bitcoin Rally Following Green September
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
