Dogecoin price swings high with a huge influx of trading volume, the second consecutive day
The DOGE price rally is expected to get a strong bullish momentum to smash the levels close to $1
Dogecoin has witnessed a brilliant organic price rally in the last couple of days, the meme token has risen to an all-time high from just being less than a cent at a time. This time there was no strong hype factor behind the rally which hints that traders are taking interest in the token beyond its meme status.
Some of the key Catalysts driving the price of Dogecoin now, and to propel further are as follows,
The Domino Effect of Bitcoin
Bitcoin is the largest and leading cryptocurrency in the ecosystem, its price trajectory has a direct impact on the performance of all the other altcoins in the market. Bitcoin has been highly bullish amidst positive developments such as Coinbase IPO. and following the suit is Dogecoin.
Another fueling factor could be the Altcoin season, many altcoins like Tron(TRX), BitTorrent(BTT), XRP have surged massively in the market, and now is the time for Dogecoin to shine.
The Mogul advocates of Doge
The most popular association of Dogecoin is Elon Musk, who has raised the status of the token from just being a joke to a serious investment. Musk’s support to Doge goes beyond just trendy phases. He has been making constant tweets showcasing his support for Doge too.
It has been anticipated, Elon Musk might have been associated with Dogecoin developers to bring in upgrades or offshoot of the coin. It is also no secret that he follows Dogecoin developers on Twitter and is quite serious about the token.
Adding to these is the mogul shark, Mark Cuban. This industry giant has also been pretty advocating for Doge by his actions. Be it accepting payments in Doge for Mavericks merch and tickets or making highly bullish predictions for the token.
It is being expected of him to bring in a fundamental difference to Dogecoin to increase its relevance and use cases. Hence, these giants could tentatively be the propellers to send “ Doge to the Moon” as the community says.
In a recent turn of events, Doge has received a shoutout from Slim Jim, the smoked meat sticks seller. It is the first one to have an actual official Dogecoin strategy and it seems to be functioning extremely well.
The news of this partnership which was first reported by Coindesk on Thursday sent the Doge price to a new high.
DOGE Gets a Shoutout From Slim Jim!
According to the CEO of parent company Conagra Brands, the social media savvy snack food saw its Twitter follower count rise 160% and tweet impressions skyrocketed after it started indulging in Shiba Inu meme coin content last quarter.
This makes it the first time for Dogecoin to be ever mentioned in an earnings call and the first time a public company making a legit Doge strategy.
This move demonstrates how Dogecoin has evolved into a serious token while being true to its origin of an absurd meme coin.
Dogecoin a natural fit for Slim Jim
The CEO of Conagra Sean Connolly has spoken about how Doge is a natural fit for their Slim Jim brand.
According to the executive, joining the “Online conversation about the Do Good Everyday sentiment of Dogecoin” has helped it to connect with the community in a new way.
He even credited the Dogecoin group for having a huge role in Slim Jim’s victory in Adweek’s March Madness-themed brand face-off.
On Conagra’s April 8 earnings call, Connolly even said,
“We’ve seen a marked uptick in audience interaction, including direct engagement and advocacy from the person who created dogecoin.”
This news triggered Doge to rise nearly double to a new level of 25 cents from 13.6 cents before the news. Doge had recently settled at 24.4 cents, up 83.4% in 24 hrs and 4300% for the year to date.