Dogecoin (DOGE) price is on the precipice of obliterating gains made last October when Elon Musk finalized the $44 billion acquisition deal of Twitter Inc. The meme lord has moved from trading as high as $0.155 last November to $0.076 on Wednesday, representing a decline of about 50 percent.
However, several analysts think the Dogecoin price is preparing for a mild pump toward $0.1 soon. Moreover, Dogecoin price has risen approximately 8.8 percent in the past seven days according to market data from Coingecko.
Notably, the Dogecoin price is under the watchlist of most crypto analysts due to its vibrant online community. Furthermore, on-chain data indicates Dogecoin is held by 5,168,753 global crypto users. Additionally, the second largest proof-of-work (PoW) secured blockchain enjoys a hashrate of approximately 621.8 (TH/s).
Coupled with increased FOMO following this week’s crypto pump, analysts believe Dogecoin will rise soon. Furthermore, Solana’s recently launched meme coin BONK has gained over 22 percent in the last seven days.
Dogecoin has a market capitalization of approximately $10 billion and a 24-hour trading volume of about $489 million. According to aggregate data provided by Coinglass, total Dogecoin liquidations on all exchanges in the past 24 hours stand at approximately $630k.
As such, crypto analysts indicate Dogecoin price has lots of upside due to increased on-chain activities.
Closer Look At Doge Market Outlook
Even though Dogecoin is a leading meme coin, the digital asset is poised to receive hefty regulatory attention following the FTX and Alameda implosion. For instance, Nepal’s Telecommunications Authority has instructed all internet service providers (ISPs) to prevent all crypto-related activity.
Nonetheless, the meme coin is likely to be listed under Twitter’s Coins feature as outlined by tech blogger Jane Manchun Wong. According to Wong, Twitter will partner with online payment company Stripe to enable coin purchases seamlessly. With the Coins payment feature, Twitter users will be able to tip content creators and store balances in their wallets.
As such, the Dogecoin community believes Musk will favor the meme coin on the Twitter Web3 deal as he did with Starlink payments. Furthermore, Doge’s godfather has been a strong supporter of the meme coin for years through his tweet campaigns.
