Dogecoin Layer-2 Developments Boost Trader Outlooks: 'Worth Keeping An Eye On Here'

Author: Khyathi Dalal | May 15, 2024 01:41pm

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?

Image: Shutterstock

Posted In: $DOGE