Benzinga - Dogecoin (CRYPTO: DOGE) is making headlines by introducing the Dogecoin GigaWallet, which simplifies the integration of transactions across various platforms.
What Happened: Amid criticism that meme coins lack substantial real-world utility, the Dogecoin Foundation unveiled Dogecoin GigaWallet v1.0. This backend service offers convenient integration APIs for platforms to transact Dogecoin programmatically.
Platforms such as online shops, exchanges and social media platforms can utilize GigaWallet to integrate Dogecoin into their services. It is a software engineering component for those seeking to incorporate Dogecoin into their products, rather than a user-facing wallet.
IntoTheBlock data revealed a 92.8% surge in large transactions volumes, reaching $5.29 billion, as well as a 13.5% increase in daily active addresses.
Also Read: Dogecoin Soars As Elon Musk’s X Payments Gains Ground, Enthusiasts Rally With $800M Boost
As Dogecoin gains traction amid the meme coin bull run, Benzinga’s Future of Digital Assets conference, scheduled for Nov. 19, will bring industry leaders and investors together to discuss the future of digital asset investments.
Why It Matters: According to CoinGecko data, Dogecoin experienced a 1.7% drop in the past 24 hours. Still, its weekly gains tally 32.6%.
Based on Coinglass data, Dogecoin's open interest has surged in the past week, now standing at $1.54 billion compared to $1.03 billion the prior week. In the past 24 hours, total liquidations reached $6.9 million, with $4.91 million attributed to long liquidations, signaling bullish expectations.
Notable crypto traders and analysts, such as Stockmoney Lizards and Rekt Capital, foresee a bullish trajectory for Dogecoin:
$Doge the current move up is the beginning of a strong bullish move and marks the beginning of #Altseason pic.twitter.com/Hwrcrv7I3G— Stockmoney Lizards (@StockmoneyL) March 26, 2024
Rekt Capital, relying on technical analysis, noted Dogecoin “successfully retested the Bull Flag top as new support to fully confirm its breakout.”
While meme coin trading carries risks, traders are advised to have a good understanding of the best crypto trading strategies and utilize a a crypto portfolio tracker to stay informed.
Join industry titans like Tim Draper and Jan Van Eck at Benzinga’s Future of Digital Assets conference on Nov. 19.
Read Next: Dogecoin’s ‘Enduring Popularity’ Spurs Coinbase To Introduce DOGE Futures Trading
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