Why Dogecoin Price Rising So Fast?

The Dogecoin price has surged significantly in the last 24 hours, rising by almost 10%. This price surge is thanks to several bullish developments, including plans to launch a zero-knowledge virtual machine (zkVM) on the Dogecoin Network to enable smart contracts. Dogecoin whales have also been actively accumulating the foremost meme coin.

Why The Dogecoin Price Is Rising So Fast

The meme coin’s price has surged for several reasons. One is the QED protocol’s plans to enable smart contracts on the Dogecoin network. Elon Musk also continues to support DOGE, and whales are actively accumulating the top meme coin.

QED Protocol To Enable Smart Contracts On DOGE Network

The DOGE price is rising so fast partly because of its bullish fundamentals. QED protocol announced its partnership with Nexus to launch a zero-knowledge virtual machine (zkVM) on the Dogecoin network. This move will enable smart contracts functionality on the meme coin’s network and help it compete with Ethereum and Solana.

As part of the partnership, the QED protocol and Nexus will help scale the network with the zkVM and include tools that empower developers to launch several Decentralized Finance (DeFi) projects on the network, including decentralized exchanges and non-fungible tokens (NFTs).

This move is undoubtedly bullish for the Dogecoin price since it will help boost DOGE’s adoption by adding more utilities for the meme coin. The development is also timely, as network activity on the Dogecoin network has stagnated for a while now. IntoTheBlock data shows that the number of new addresses on the network has remained sideways over the last three months.

Elon Musk Shows Support For DOGE

Another reason the Dogecoin price is rising is Elon Musk’s continued support for the meme coin. Musk posted a picture of the dog behind Dogecoin, saying ‘Dogefather.’ This came following a video in which he referred to himself as the Dogefather.

The billionaire’s support for DOGE is why there continue to be speculations that the X platform, which Musk owns, could enable DOGE payments when its payments service goes live. If that happens, it will add more use cases for the foremost meme coin.

It is worth mentioning that Musk already stated that Dogecoin would be accepted at the futuristic supercharging station in Hollywood when it finally launches. The world’s richest man also recently mentioned that he would like DOGE to be accepted again as a payment method for Tesla’s merchandise, indicating that it might already be in the works.

Dogecoin Whales Are Heavily Accumulating

DOGE whales have also contributed to the Dogecoin price rising so fast. Crypto analyst Ali Martinez recently shared data from the on-chain analytics platform Santiment, which showed that these whales accumulated over 1.40 billion coins in 48 hours.

IntoTheBlockData also shows a surge in large transactions, indicating an accumulation trade among these Dogecoin whales. These investors traded 9.41 billion DOGE on September 26.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.