Dogecoin Soars 10% Overnight Thanks to zkVM, Whales, and Elon Musk’s Support

Dogecoin (DOGE) has experienced a significant price surge, rising by nearly 10% in the last 24 hours. Several developments have fueled this rise, creating momentum for the popular meme coin.

Smart Contracts Boost Dogecoin’s Utility

The launch of a zero-knowledge virtual machine (zkVM) on the Dogecoin network has played a crucial role in its price increase. The QED protocol, in partnership with Nexus, plans to introduce smart contracts on Dogecoin’s blockchain. This will enable decentralized finance (DeFi) projects and non-fungible tokens (NFTs) to launch on Dogecoin’s network. By adding these new features, DOGE will become more competitive with Ethereum and Solana. Consequently, the expanded utility of Dogecoin is likely to attract more users and developers.

As Dogecoin’s utility grows, its adoption rate is expected to rise significantly. This is a crucial development, especially since network activity on the Dogecoin blockchain had stagnated for months. IntoTheBlock data revealed a steady trend in the number of new addresses, indicating the need for increased activity.

Elon Musk’s Continued Support Fuels Speculation

Elon Musk’s influence remains a key driver of Dogecoin’s price rise. Recently, he posted a picture referring to himself as the “Dogefather,” reigniting speculation about Dogecoin’s future use. Many believe Musk might integrate Dogecoin payments on his X platform, formerly known as Twitter. Such a move would greatly expand Dogecoin’s use cases. Musk has also hinted at using Dogecoin for payments at Tesla’s supercharging stations in Hollywood. He even suggested that DOGE may be accepted again for Tesla merchandise, boosting confidence in the meme coin’s future.

Whales Accelerate Dogecoin Accumulation

In the last two days, Dogecoin whales have accumulated over 1.40 billion coins, according to Santiment data. These massive purchases reflect strong belief in Dogecoin’s long-term prospects. IntoTheBlock data shows a rise in large transactions, indicating significant whale activity. These transactions, totaling 9.41 billion DOGE, have further accelerated the price surge.

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In conclusion, the zkVM launch, Elon Musk’s support, and whale accumulation have combined to propel Dogecoin’s price upward. These factors create a promising future for Dogecoin as its network and use cases expand.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.