The price of Dogecoin has surged by nearly 10% in the last 24 hours, driven by several key developments. Among them are plans to bring smart contracts to the Dogecoin network, supported by whale accumulation and ongoing support from Elon Musk.
Why Is Dogecoin Price Rising?
Dogecoin’s rapid price increase is due to multiple factors. One of the main reasons is the announcement of a zero-knowledge virtual machine (zkVM) that will enable smart contracts on the Dogecoin network. This, combined with Elon Musk’s vocal support and whale accumulation, has pushed the meme coin to new highs.
Smart Contracts Coming to Dogecoin Network
One of the biggest drivers of Dogecoin’s recent rise is the QED protocol’s partnership with Nexus to launch a zkVM on the Dogecoin network. This update will allow Dogecoin to support smart contracts, putting it in competition with established platforms like Ethereum and Solana. The move is expected to fuel the adoption of Dogecoin by introducing new utilities, including the potential launch of decentralized exchanges (DEXs) and NFTs on the network.
The Dogecoin network has seen stagnating activity recently, so this development is expected to reignite interest and increase adoption, offering more use cases for the meme coin.
Elon Musk Continues to Support Dogecoin
Elon Musk’s influence on Dogecoin remains strong. His recent social media activity, including posts about being the “Dogefather,” has sparked further speculation about Dogecoin’s future integration into X (formerly Twitter) as a payment method. Musk has hinted at DOGE being accepted at his future Hollywood supercharging station and potentially for Tesla merchandise, which could create additional use cases for the coin.
Dogecoin Whales Are Accumulating
Another significant factor behind Dogecoin’s price surge is the large-scale accumulation by whales. Data from Santiment, shared by crypto analyst Ali Martinez, shows that Dogecoin whales have acquired over 1.40 billion DOGE in just 48 hours. Additionally, IntoTheBlock data reveals a spike in large transactions, further indicating whale accumulation.
On September 26 alone, 9.41 billion DOGE were traded in these large transactions, signaling growing interest among major holders.
