Robinhood, one of the leading exchanges, supports Dogecoin transfers again. Influential figures like Elon Musk and Bitcoin’s recent rally have led to renewed interest and optimism surrounding Dogecoin. Amid this interest, one analyst is predicting an explosive price increase for DOGE.
Robinhood supports Dogecoin transfers: Bonus included!
Robinhood Crypto, the crypto arm of the exchange, announced that starting today, users will be able to deposit and withdraw Dogecoin (DOGE) and earn a 1% deposit bonus until November 30. Indeed, this launch is a major move after the last wave of withdrawals triggered in May. As you follow from Kriptokoin.com, the platform received a Wells Notice from the US SEC in May. After this, the stock market faced a wave of withdrawals. Investors took action after the SEC signaled potential regulatory action against Robinhood’s crypto division. He withdrew tens of millions of dollars from Dogecoin (DOGE) during that time.
Post-notification Blockchain analysis from Bitcoinsensus showed that 164 million DOGE worth $25 million were moved from Robinhood. Robinhood Crypto is now gaining momentum again as support for Dogecoin transfers has been reopened. Additionally, DOGE introduces attractive incentives for its users to rejoin the platform. This could signal the opening of a new chapter with DOGE in a more perfect regulatory environment.
Is $10 DOGE possible?
The original meme coin, Dogecoin, has been performing strongly this past week. However, it has given back some of its gains in recent days. However, it rebounded slightly during the day, indicating a short-term bounce. Recent price movements suggest that buying momentum is increasing. It also reveals consolidation near a key support area. This creates some optimism in the market. According to market speculators, the much-awaited $1 is possible if current developments continue.
Analyst Tony Severino took a look at Dogecoin (DOGE)’s chart, pointing to a bullish cross above the two-month Logarithmic Moving Average Convergence Divergence for the first time since 2021. Based on historical data, Severino says a price increase of 8,628% is likely. This increase will increase the value of DOGE to $10. Additionally, it will increase DOGE’s market cap up to $1.466 trillion. Beyond that, Severino plots the average time frame of Dogecoin’s past 4,300% and 12,000% rallies, predicting that the rally will last 213 days and bottom out around April 2025.
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