Dogecoin Price Analysis: Musk’s DOGE Gains Traction in Retail Stores – $10 DOGE Possible?
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
The Dogecoin (DOGE) price, last just above its 50DMA in the $0.1050 region, is floundering.
It is down more than 20% from last week’s highs above $0.13, after dumping in tandem with the broader crypto market on geopolitics-related risk-off flows.
If the Dogecoin price falls under its 50DMA, that could be the precursor for a drop back to August lows in the $0.08 region.
An Israeli counter-strike on Iran could be just the catalyst.
But investors might want to use the current Dogecoin price dip as an opportunity to accumulate.
That’s because the crypto’s long-term fundamentals are looking strong, as the meme coin’s adoption as a means of payment rises.
A Bloomberg article on Wednesday made the case that small retailers are increasingly accepting DOGE payments.
The article cites a Pizza chain called Williamsburg Pizza as leading the charge to adopt DOGE.
The restaurant chain’s founder Aaron McCann even set up a payment processor specifically for Dogecoin, called DogeExpress and has since begun onboarding other small retailers.
DOGE currently accounts for about 6% of all the transactions conducted by BitPay, a leading crypto payment processor.
And it’s not just small retailers backing Dogecoin.
Dogecoin can also boast the support of heavy-hitting billionaires like Elon Musk and Mark Cuban.
Musk has been a DOGE fan since 2021 and frequently hypes the coin.
Musk and his social media platform X have long teased that Dogecoin may play a role in a future X payments solution.
And, if Republican nominee Donald Trump wins the November US
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