The cryptocurrency industry has been experiencing a much-needed recovery, with several assets seeing double-digit gains. However, the meme coin market, particularly Dogecoin (DOGE), has been taking a slower approach to its price movement. Despite this, Dogecoin has shown signs of improvement, going from a low of $0.2019 to $0.2417.
This recent push for Dogecoin comes after a period of struggle, where the asset dipped by over 30% in the past month, causing chaos in the market. The current uptick in price, with a nearly 7% increase over the past 24 hours, has brought some optimism to the DOGE community. At the time of writing, Dogecoin is trading at $0.2204, with a significant increase in trading volume, reaching a high of $4.06 billion.
President Donald Trump’s announcement about including Cardano (ADA), Solana (SOL), and XRP into the Crypto Strategic Reserve has had a positive impact on the market. While many expected Dogecoin to be included in the list, given Elon Musk’s support for the coin, DOGE still managed to emerge as one of the top performers of the day.
CoinCodex’s prediction for Dogecoin also suggests a bullish scenario for the cryptocurrency, forecasting a 22% surge from its current price level on March 5, reaching a high of $0.2708. The potential addition of Dogecoin into the Strategic Reserve could further boost the price of the asset, potentially helping it reach the long-awaited $1 mark.
Overall, the recent price movements and market sentiment surrounding Dogecoin indicate a positive outlook for the meme coin. With potential gains on the horizon and the support of influential figures like Elon Musk, Dogecoin could be on track for a significant price surge in the near future.