According to U.Today, Dogecoin (DOGE) is still experiencing the effects of Elon Musk's tribute to Kabosu, the dog that inspired the creation of the meme coin. Musk's posts about DOGE have been a significant factor in the coin's growth, leading to an increase in some of its key metrics. At the time of writing, Dogecoin is trading at $0.167, a 3.67% increase in the past 24 hours. This growth comes as Bitcoin's price has entered a consolidation phase, with a 2.67% surge to $69,218.58.
Over the past week, Dogecoin's growth has not followed a consistent pattern. Despite a decrease in its trading volume, the coin has risen 7.72% during this period. Currently, DOGE has seen a 37.3% decrease in trading volume to $2,026,640,330, which equates to a total of 12.4 billion DOGE changing hands in a day. Despite the slight decrease in this metric, the positive price reaction indicates a latent demand in the price.
Dogecoin has proven to be highly responsive to posts from Elon Musk and other influencers. This has been demonstrated throughout its lifespan, with Dogecoin experiencing a significant increase when Musk changed the X logo to the DOGE mascot at one point. Amid Dogecoin's sustained legacy, there is a key expectation that the proposed X Payments will incorporate DOGE payments, providing a unique utility for the coin across the board. While neither Musk nor the platform has officially confirmed this, Musk's affinity for the coin may lead him to include DOGE if crypto payments are featured in the all-encompassing app he is developing.
As the push in the DOGE ecosystem continues to grow, the ultimate price expectation is that Dogecoin will return to the $0.2 price mark in the midterm and $0.7 in the longer term.