Dogecoin price has recently seen a surge in momentum, with the House of Doge making a major move by purchasing 10 million Dogecoin. This purchase is expected to play a pivotal role in driving the currency’s adoption as a mainstream payment option.
With the Dogecoin Foundation’s new corporate arm at the helm, the market is anticipating a potential rally that could push Dogecoin’s price upwards by 16% or more.
House of Doge Launches Official Dogecoin Reserve
The House of Doge, a newly organised subdivision of the Dogecoin Foundation has recently introduced its Official Dogecoin Reserve. This is a move that seeks to reduce transaction lag times that had for long contributed to the limited adoption of digital currencies. In the process of achieving this goal, House of Doge has bought 10 million Dogecoins during the current price.
Through the creation of the Reserve, the mechanism for DOGE to become a feasible and efficient international currency is to be established. This is expected to bring down the time taken to complete blockchain transactions, enhancing efficiency of payments for both businesses and buyers.
Michael Galloro, a member of the board-elect at House of Doge, has said that the creation of this reserve will increase the transaction time and real-world usability difference making Dogecoin the best option for everyday use.
Dogecoin Potential for Mainstream Payments
Following the creation of the Dogecoin Reserve, like the Strategic Bitcoin Reserve narrative, the House of Doge intends to ensure Dogecoin becomes a means of payment in businesses globally.
The project seeks to allow the merchants to use a button to accept Dogecoin payments at the point of purchase to minimize time taken in blockchain settlement. Through faster and cheaper transactions, Dogecoin is posing as a more effective method of payment compared to the current online methods that take longer time and charges more.
Another factor that makes Dogecoin suitable for payment solution is its inflationary supply whereby the number of coins created is expected to increase in a linear fashion. While Bitcoin has a limited supply, Dogecoins can be provided indefinitely, and this is why the latter is more suitable for actual utilization. Moreover, the House of Doge will employ several strategies like cash back offers to encourage consumers and merchants to use Dogecoin for everyday purchases.
Strategic Partnerships to Drive Adoption
In the next few months, House of Doge will reveal various merchant partnerships to show how this digital asset can be used in real life. These will include the purchase of payment solution providers that can enable the use of Dogecoin to conduct business.
In this manner, House of Doge aims at popularizing the use of the Dogecoin among people to accept as a mode of payment. The goal is to make Dogecoin scalable to support large number of transactions with the speed and security that would allow it to be used by the masses.
Should this be achieved, it will pave way for Dogecoin to become more acceptable in the market compared to other conventional payment methods.
Dogecoin Price Action Signals Potential 16% Rally
Dogecoin price has been showing signs of bullish momentum, with technical indicators suggesting a potential 16% rally in the near term. The Dogecoin price according to crypto analyst Ali Charts is currently consolidating in a symmetrical triangle pattern, which is often seen as a continuation pattern.
Given this DOGE price breakout, the chance to reach $0.19 to $0.20 is possible and if the uptrend continues, it can even shoot higher.
Other indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), also indicate significant buying pressure, which may mean that Dogecoin’s price is likely to remain bullish. Similarly, another crypto analyst, Trader Tardigrade, said that Dogecoin price is emerging from the consolidation phase it entered in April similar to what happened in 2017.
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