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As Dogecoin (CRYPTO: DOGE) takes the first step in real-world utility, traders remain cautious about the meme coin's upcoming performance.
What Happened: Notable crypto trader Crypto Tony tweeted that the market is awaiting a DOGE pump.
Crypto Daily Trade Signals in his latest post cautions traders that Dogecoin's price recovery may be "facing a hurdle as it approaches key resistance levels."
Noting some important key levels, the trader added, "Price must settle above $0.1080 and $0.1150 to gain bullish momentum." He concluded by saying that "$0.1050 level is a short-term bearish trend line forming on the hourly chart of the DOGE/USD pair."
Additionally, XForceGlobal in a primary macro analysis post is curious if Dogecoin is presenting a 10x opportunity. It added, "DOGE has done a full retracement into the 88.6% Fib lvl. This is a ride or die coin at this point, and the only way to count the larger degree wave 4 is a triangle."
Why It Matters: IntoTheBlock data noted an increase of 17.3% in its large transaction volume while exchanges netflows spiked 1,546.4%. Also, transactions greater than $100,000 increased from 137 transactions as of July 7 to 232 transactions as of July 8.
Highlighting its real-world utility, Dogecoin is taking its place among the residents of Venezuela. Amidst its worst economic crisis, Venezuelan migrants are increasingly turning to DOGE to send money home due to its low transaction fees.
Bloomberg reported that Venezuela's crypto remittances accounted for 6% of its GDP in 2023 and foreign remittances amounted to $5 billion, with 9% ($461 million) consisting of cryptocurrency transactions.
Dogecoin has attracted interest due to its lower transfer fees compared to other cryptocurrencies or stablecoins commonly used on U.S. platforms.
The official Dogecoin page cited another X user's tweet "Dogecoin is money."
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
Posted In: $DOGE
