In a fresh spin to the crypto markets, the price of Dogecoin (DOGE) has surged by 2% within 24 hours to crest at $0.066622, following Robinhood’s decision to incorporate DOGE into its custodial cryptocurrency wallet. Robinhood’s addition of DOGE-enabled swaps has in part fanned the 5% rise in its price over the past week.
Nevertheless, a broader view indicates that DOGE’s price has slid down by 12% over the past month and by 5% since the start of the year. However, Robinhood’s decision to weave DOGE functionality into its operations is viewed as a noteworthy boost for the token. It may aid in reversing the persistent overselling trend and assist DOGE in regaining its footing in the crypto market.
DOGE’s potential for recovery appears to be on the horizon as various indicators suggest. Its relative strength index has been experiencing a steady climb, signalling the onset of a growth momentum. The steep decline of the coin’s 30-day moving average as compared to its 200-day average would suggest a probable turnaround in the offing.
The continued support for DOGE, signified by Robinhood’s adoption, implies that more platforms and institutions might soon follow suit. This in turn could drastically boost the overall demand and trading of DOGE, facilitating a steady price increase over a sustained period.
On a separate note, DOGE aficionados continue to anticipate Twitter and now X’s integration of DOGE payments albeit it being a distant reality. Given Elon Musk’s publicly pronounced support for DOGE and his involvement with Twitter, the possibility of such integration looms large. The acquisition of a license for currency transmission by Twitter/X sparks hope for the rolling out of crypto-related features in the near future.
In regards to alternate avenues of high-return prospects, presale tokens are emerging as sought-after options. A case in point is Launchpad.xyz’s LPX, an all-in-one Web3 trading platform that has amassed a whopping $1.5 million since its presale inception a month ago. Slated for launch in Q3 of this year, the platform seems ripe with potential due to its comprehensive feature set that includes a Web3 wallet, a play-to-earn gaming hub, trading signals, collaborative trading rooms, automated trading bots, a decentralized exchange, and an NFT marketplace.
The appeal of LPX is further enhanced due to it being utilised for payment of platform fees and subscriptions, and for staking, which offers its holders a steady income source. Investors can participate in its presale via the official Launchpad.xyz website by connecting their software wallets.
As a final word of caution, while the crypto landscape offers a dazzling array of opportunities, it is prudent to remember that it is an asset class of high risk. This piece of information is shared purely for enlightenment purposes and does not qualify as investment advice.
Source: Cryptonews
