Dogecoin’s price has remained unaffected by the recent announcement of Elon Musk’s Boring Company that they would be accepting it as a form of payment. According to reports, users who hold Dogecoin will be able to pay for Loop rides using the memecoin.
The reports also add that customers will be able to pay with the crypto when they take a rise using Tesla vehicles on the company’s Las Vegas Transit System known as Loop. The announcement is the latest example of Elon Musk promoting Dogecoin.
Although the Boring Company’s integration of Dogecoin did not impact its prices, it is expected to play a vital role in the continued growth of Dogecoin. Being a memecoin, Dogecoin has no utility of its own. Therefore, its growth is highly dependent on the number of users transacting with it.
When Dogecoin is finally integrated into the Boring Company ecosystem, it is highly likely that we will see its trading volume increase. It is also highly likely we will see its popularity continue to grow and new users come into the project. The impact will result in Dogecoin prices rising once the payment system is rolled out.
In today’s trading session, Dogecoin’s price is up by almost a percentage point. However, the chart below also shows that prices have traded along the $0.069 support level for almost a week in a sideways market.
However, despite the trend being sideways, my Dogecoin price prediction expects the prices to continue rising. As a result, theree highly likely to see the prices trade above the $0.075 psychological level, and possibly hit the $0.081 resistance level.
My analysis will, however, be invalidated if prices trade below the $0.064 price level. This is because, at that level, the prices will have shown signs that the long-term trend is to the downside.
This post was last modified on %s = human-readable time difference 12:19