The market capitalization of Dogecoin (DOGE) was enormous at one point in May, and it began to eat into bitcoin’s (BTC) market supremacy. Although DOGE’s movement has had everyone on their toes over the previous 2 months, it has led a steady rally. DOGE has slipped a tad in the ranks recently. The world’s most popular meme-coin, however, is still the 6th largest crypto currency.
DOGE Price Still Going Strong?
Despite being 67 percent lower than its all-time high, DOGE still has a long way to go in terms of shedding long-term gains. Dogecoin Price is still up 335 percent against the US dollar in the last three months and 661 percent against BTC in the same time frame. In comparison to the US dollar, dogecoin is still up a stunning 9,739 percent year to date.
Elon Musk Signals Support?
Elon Musk has given his blessing to Dogecoin’s next suggested update. Dogecoin core developer Patrick Lodder submitted the suggestion on Github, with developer Michi Lumin spearheading the coding update.
Elon tweeted about the importance of supporting the upgrade, which will lower transaction fees for dogecoins.
Doge’s price instantly increased by 5% after his backing. The Dogecoin community is debating the fee-change idea, which might strengthen DOGE’s position in the cryptocurrency industry.
Dogecoin Price Outlook!
Dogecoin is currently trading in the $0.24-$0.26 range, with the rally stalling at $0.28. Of course, if the price rises above $0.2800, the outlook will brighten dramatically.
If the cryptocurrency market receives a stronger bid, Dogecoin’s breakout at $0.384 could be extended. If DOGE manages to break through this resistance, it has room to move towards $0.4600.
If the $0.23 level is breached, however, a reversal could occur, with a slide all the way down to $0.10-$0.15.