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The global crypto market started the new week with a significant uptrend, triggered by the news that the Securities and Exchange Commission (SEC) may approve the first-ever spot ETH ETF applications soon.
This development has spurred notable gains for the crypto king, Bitcoin and major altcoins like ETH, SOL, and even Dogecoin. In the past one day, Dogecoin has soared by close to 7% and currently shows promising signals of surpassing its $0.16 price benchmark for the first time since the start of the year.
How high can Dogecoin go amid the strong bullish momentum in the market? Our expert will answer this question in this price prediction article.
Dogecoin’s Ecosystem Development
While the rumor mill is running in the background and bulls are trying to hype DOGE up thanks to the recent interest, Dogecoin itself has been dabbling in some developments.
Recently, the Dogecoin community reacted massively to the news that the payment feature of X (formerly Twitter) is likely to launch soon.
Having quenched rumors about the possibility of introducing a native token, community members are optimistic that the meme coin could be integrated into the proposed payment system of the micro-blogging app due to the long-term admiration of Elon Musk for DOGE.
Similarly, in a tweet posted on February 10, Dogecoin announced the release of libdogecoin 0.1.3.
Libdogecoin is the foundational C library of Dogecoin whose 2024 development includes the introduction of Python and Go language bindings.
Other developments include RadioDoge to expand Dogecoin into areas with limited internet connectivity, which will likely increase more exposure for Dogecoin.
Dogecoin Price Prediction For MAY – Expert’s Look
Following the growing speculations about Ether ETF, investors and analysts are confident that DOGE could be on a bullish run. Crypto Daily Trade Signals through its X page stated that the leading meme coin is likely to hit a new resistance level of $0.17.
Another top analyst on X predicted that DOGE could pump soon, citing the impressive buy signals that the meme coin has been showing.
Renowned YouTube channel 99Bitcoins says if the sentiment in the market remains bullish, DOGE will likely attain a new all-time high.