Dogecoin (DOGE) has undeniably experienced significant growth since the end of the 2021 crypto bull rally, despite enduring a 19-month bear market.
According to on-chain data from Tokenview, the Dogecoin network boasts approximately 5.8 million holders who have facilitated over 171 million transactions. It’s worth noting that Dogecoin maintains a total hash rate of around 869 TH/s and a mining difficulty of 12.98 million, which provides a high level of security against a 51 percent attack.
Why Dogecoin Price is Well-Positioned for More Growth?
One of the primary reasons why Dogecoin is well-positioned for further growth is its strong ecosystem, buoyed by unwavering support from tech billionaire Elon Musk. Musk prominently displays his affiliation with Dogecoin through his X status and has issued numerous tweets expressing his support for this meme coin. Additionally, Musk has mentioned that he purchased some Dogecoin as a long-term investment for his son.
As a result, Dogecoin is well-prepared to surpass its all-time high (ATH) during the next crypto bull rally. According to a crypto analyst using the pseudonym Stockmoney Lizard on the X platform, the forthcoming Bitcoin halving, which is just six months away, and the imminent integration of Dogecoin into the X platform for payments, are the missing bullish triggers.
DOGE price has consistently outperformed Bitcoin since its inception, and this momentum is expected to persist in the future, despite diminishing returns. Furthermore, Dogecoin’s annual inflation is projected to decrease by as much as 1.9 percent by the year 2050.
From a technical perspective, the Dogecoin price has been forming a symmetrical triangle, signaling a potential breakout towards a new all-time high (ATH).
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