Benzinga - Dogecoin (CRYPTO: DOGE) gets boosted by a promised Layer-2 solution building on top of it, boosting bullish outlooks by cryptocurrency traders.
What Happened: The Laïka project announced “the first Layer-2 truly built on top of Dogecoin.” It promises to transform the Dogecoin ecosystem by introducing smart contract capabilities, enhancing transaction speeds, reducing fees and facilitating interoperability with other networks.
Full-time trader Crypto Scient, in their latest tweet, note that once Dogecoin flips bullish and breaks the trend, there may be another meme coin mania like February.
$DOGE, Once DOGE flips bullish and breaks the trend, we will see another meme coin mania similar to one we had in February.• Break and flip the trend trigger my long entry with Target around the red line (Key MSS level)
• Break and flip the red line to support signals… pic.twitter.com/yss6iw0OVH
— Scient (@Crypto_Scient) May 15, 2024
Another trader, MaxBecauseBTC, muses that Dogecoin and look great and that he is “fully deployed.”
However, heavily followed crypto trader and investor Posty provides a rather cautious outlook on the meme coin. He states that despite being a “cursed coin” recently, it is “definitely worth keeping an eye on here.”
Also Read: Why It’s ‘Perfect Time’ For Dogecoin To Target $0.22, According To This Trader
Why It Matters: IntoTheBlock data shows a surge in total exchange inflows to $41.4 million as of May 14, compared to $38.8 million as of May 13. While 81% of Dogecoin holders are currently making a profit, transactions greater than $100,000 remain stable at 470 from the prior day.
Large transaction volume also widened by 6.7% to $1.73 billion, while exchange netflows increased by 233.4% to $6.07 million.
The ecosystem upgrade comes in as a boost to Dogecoin, amid the optimistic outlook on the meme coin.
n the past 24 hours, DOGE increased by 2.3% to breach the psychological mark of $0.1504.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: What Does Technical Analysis Say About Dogecoin And Shiba Inu?
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