- Dogecoin price witnessed double-digit gains overnight and started an uptrend.
- Bitcoin of America added Dogecoin to its BTC ATM Machines, driving the utility and adoption of the meme coin.
- Analysts note that Dogecoin is attempting to break above the 50-day moving average for the fifth time, revealing a bullish outlook.
Dogecoin price started a massive uptrend in response to news of DOGE adoption boost in the US. A Bitcoin ATM operator added the meme coin to its chain across its locations in the United States.
Dogecoin price breaks into an uptrend with rising adoption
Dogecoin price posted 12% gains overnight, breaking out of its downtrend. The meme coin has seen higher adoption among investors, with rising demand across exchanges over the past two weeks.
Bitcoin of America, a leading cryptocurrency exchange that runs BTC ATM Machines across 1,800 locations in the US, is bullish on Dogecoin. The ATM chain added Dogecoin to its machines, in addition to Bitcoin and Litecoin.
Also read: AMC stock sees further weakness in premarket
The addition of Dogecoin to a Bitcoin ATM network that spans 1,800 locations is bullish for the meme coin’s adoption in the US. Bitcoin of America recently launched a Universal kiosk that combines the capabilities of an ATM, dispenses cash, allows the user to buy crypto with cash, and includes a feature to sell crypto in exchange for cash. Proponents believe this move could drive Dogecoin adoption among US-based investors, increasing access to the meme coin.
Interestingly, the real-world applications of Dogecoin have picked up the pace, driving the meme coin's utility among investors. In Manhattan, New York, a high-end dental clinic added Dogecoin to its accepted payment methods.
Analysts have evaluated the Dogecoin price trend and predicted a rally to $0.25. Analysts have projected $0.31 as the profit target for Dogecoin and believe the meme coin could continue its uptrend in the current cycle.
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