TLDR
- Dogecoin gained 3% to reach $0.20 as crypto market recovered 2% to $3.81 trillion
- Elon Musk endorsed a statement that Dogecoin runs on energy-based system like Bitcoin
- Thumzup Media plans to integrate DOGE payments for app users who share advertiser content
- Company treasury holds 7.5 million DOGE and provided $2.5 million loan to DogeHash miner
- Analysts predict DOGE could reach $0.48 if $0.16 support holds or $0.90 if $0.20 maintains
Dogecoin price climbed approximately 3% on Wednesday, reaching $0.20 as the cryptocurrency market showed signs of recovery. The broader market increased nearly 2% to $3.81 trillion in total value.
The meme coin reached a 24-hour peak of $0.208 after starting from a low of $0.1956. Daily trading volume dropped 37% to $3.19 billion during this period.
The price increase followed interaction between Tesla CEO Elon Musk and Dogecoin supporters on X. Musk agreed with a post stating Bitcoin’s energy-based design protects it from government control.
A Dogecoin community account called “Sir Doge of the Coin” pointed out that DOGE also uses energy-based technology. Musk confirmed this observation, creating buzz among cryptocurrency traders.
The Tesla CEO has championed Dogecoin since 2019 and calls himself the “DOGE FATHER.” He regularly discusses the cryptocurrency on social media and describes it as “the people’s crypto.”
Musk’s 2021 Saturday Night Live appearance caused Dogecoin prices to spike when he mentioned the coin during the show. His social media activity continues to impact DOGE price action.
Thumzup Media Announces Payment Integration
Advertising technology firm Thumzup Media revealed plans Wednesday to add Dogecoin as a payment method. Users who promote advertiser products through the company’s app could receive DOGE rewards instead of cash.
CEO Robert Steele explained the integration would lower transaction fees and speed up international payments. Current users receive traditional cash payments for their content sharing.
“Exploring Dogecoin integration is an important next step in our journey to create a scalable, low-friction rewards engine,” Steele said. Implementation would happen in stages after technical validation and regulatory review.
Thumzup’s treasury contained 7.5 million DOGE as of September 30. The company also owns roughly 19 BTC and extended a $2.5 million loan to DogeHash for mining expansion.
The firm started its crypto holdings in January with $1 million in Bitcoin. The board approved adding Litecoin, Solana, Ripple, Ether, and USD Coin to the treasury strategy.
Technical Analysis and Price Predictions
Dogecoin dropped over 20% in weekly charts and roughly 24% across the past month. These declines followed a widespread cryptocurrency market correction.
CoinGlass data showed Dogecoin Futures Open Interest increased 1.5% to approximately $2 billion. The Relative Strength Index measured 43, indicating near-oversold conditions.
Analyst Ali Martinez identified $0.16 as crucial support for continued gains. He projects Dogecoin could climb to $0.48 if this level holds during market volatility.
Trader Tardigrade offered a bullish forecast of $0.90 for Dogecoin price. His analysis requires the cryptocurrency to defend the $0.20 support zone.
Thumzup Media shares declined 5.3% to $5 after the integration announcement. Dogecoin maintained its $0.20 price level when the company released its statement.
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