Dogecoin (DOGE) Takes First Step in Real-World Utility, But Traders Remain Cautious About Upcoming Performance

As Dogecoin DOGE/USD takes the first step in real-world utility, traders remain cautious about the meme coin's upcoming performance.

Crypto traders are keeping a close eye on Dogecoin (CRYPTO: DOGE) as it makes its way into the mainstream. Here's the latest buzz on the meme coin.

Crypto trader Crypto Tony is anticipating a DOGE pump, according to a recent tweet.

Charting platform Crypto Daily Trade Signals warns that Dogecoin's price recovery may be hindered as it approaches crucial resistance levels.

"Price must settle above $0.1080 and $0.1150 to gain bullish momentum. A breakout from these levels could propel DOGE towards the next resistance at $0.1220," the trader noted, adding that "the $0.1050 level marks a short-term bearish trend line forming on the hourly chart of the DOGE/USD pair."

In a primary macro analysis post, XForceGlobal wonders if Dogecoin is presenting a 10x opportunity.

"DOGE has done a full retracement into the 88.6% Fib lvl. This is a ride or die coin at this point, and the only way to count the larger degree wave 4 is a triangle," XForceGlobal added.

IntoTheBlock data reveals a 17.3% increase in large transaction volume, while exchanges netflows spiked 1,546.4%. Also, transactions greater than $100,000 increased from 137 transactions on July 7 to 232 transactions on July 8.

Highlighting its real-world utility, Dogecoin is making its presence felt among the residents of Venezuela. In the midst of its worst economic crisis, Venezuelan migrants are increasingly turning to DOGE to send money home, thanks to its low transaction fees, according to a Bloomberg report.

Venezuela's crypto remittances accounted for 6% of its GDP in 2023. Foreign remittances amounted to $5 billion, with 9% ($461 million) being cryptocurrency transactions.

Dogecoin has attracted interest because of its lower transfer fees compared to other cryptocurrencies or stablecoins commonly used on U.S. platforms.

The official Dogecoin page shared another X user's tweet: "Dogecoin is money."

Benzinga will be hosting a Future of Digital Assets event on Nov. 19, where the institutional adoption of Bitcoin (CRYPTO: BTC) will be a key topic of discussion.

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