The Dogecoin (DOGE) price, last just above its 50DMA in the $0.1050 region, is floundering.
It is down more than 20% from last week's highs above $0.13, after dumping in tandem with the broader crypto market on geopolitics-related risk-off flows.
If the Dogecoin price falls under its 50DMA, that could be the precursor for a drop back to August lows in the $0.08 region.
An Israeli counter-strike on Iran could be just the catalyst.
But investors might want to use the current Dogecoin price dip as an opportunity to accumulate.
That's because the crypto's long-term fundamentals are looking strong, as the meme coin's adoption as a means of payment rises.
Dogecoin Adoption Rises
A Bloomberg article on Wednesday made the case that small retailers are increasingly accepting DOGE payments.
The article cites a Pizza chain called Williamsburg Pizza as leading the charge to adopt DOGE.
The restaurant chain's founder Aaron McCann even set up a payment processor specifically for Dogecoin, called DogeExpress and has since begun onboarding other small retailers.
DOGE currently accounts for about 6% of all the transactions conducted by BitPay, a leading crypto payment processor.
And it’s not just small retailers backing Dogecoin.
Dogecoin can also boast the support of heavy-hitting billionaires like Elon Musk and Mark Cuban.
Musk has been a DOGE fan since 2021 and frequently hypes the coin.
Musk and his social media platform X have long teased that Dogecoin may play a role in a future X payments solution.
And, if Republican nominee Donald Trump wins the November US Presidential election, Musk may head a new government agency called "the Department of Government Efficiency", or D.O.G.E.
Cuban, meanwhile, started accepting DOGE payments for his Dallas Mavericks merchandise back in 2021.
Is a $10 Dogecoin Price Possible?
The arrival of a new era of monetary policy easing is expected to power a strong crypto bull market into 2025, geopolitical risks aside.
Bitcoin could well power above $100,000.
And if it does, we could see Dogecoin finally retake its 2021 record highs near $0.74 and hit the $1.0 level.
That would be a monumental achievement for Dogecoin, which was valued under $0.00010 at one point during its history.
At $1.0, Dogecoin's market cap would be just above $140 billion, not out of the question if Bitcoin surpasses a market cap of $2.5 trillion.
Could Dogecoin then 10x from there to hit $10 and become a $1.4 trillion coin.
Well, never say never in crypto. Bitcoin isn't expected to become the world's payments cryptocurrency, but rather the world's reserve asset.
That leaves space for a coin to become the world's decentralized payment currency.
If Dogecoin could achieve widespread usage like this, then yes, it could become a trillion-dollar coin.
Dogecoin Alternative to Consider
Dogecoin may well go on to post 10x gains in 2025.
But some meme coin investors will be hunting much bigger upside.
One of the best ways to secure big gains of 20x or more in meme coin markets is to join a new coin at its early presale stage.
Analysts at Cryptonews.com are big fans of a new coin called Meme Bets (MEMEBETS), which sits at the intersection of the meme coin and fast-growing GambleFi worlds.
Despite only launching its presale a few days ago, traders have already poured over $350,000 in the meme coin GambleFi protocol.
Meme Bets is a Telegram and web casino where crypto degenerates will be able to trade with their meme coin holdings.
Cryptonews.com's in-house presale analyst recently included Meme Bets in a list of coins he thinks have 100x potential.
The post Dogecoin Price Analysis: Musk's DOGE Gains Traction in Retail Stores – $10 DOGE Possible? appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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