Dogecoin Soars by 10% Amid Bullish Developments: What’s Driving the Surge?

Dogecoin Soars by 10% Amid Bullish Developments: What’s Driving the Surge?

Dogecoin price has surged significantly, climbing nearly 10% in the past 24 hours. Several factors are fueling this rapid rise, including plans to launch a zero-knowledge virtual machine (zkVM) on the Dogecoin network, paving the way for smart contracts. Additionally, large-scale investors, or “whales,” have been aggressively accumulating the popular meme coin.

Key Reasons Behind Dogecoin’s Price Surge

Multiple bullish factors are contributing to DOGE’s recent price spike. A notable development is the QED protocol’s initiative to bring smart contract functionality to Doge. Meanwhile, influential figures like Elon Musk continue to show public support for the coin, further boosting market sentiment.

QED Protocol to Bring Smart Contracts to Dogecoin

One of the primary catalysts behind Doge’s rise is the announcement from the QED protocol. In collaboration with Nexus, QED is set to launch a zero-knowledge virtual machine (zkVM) on the Dogecoin network, which will introduce smart contract capabilities. This upgrade positions Dogecoin to compete with established networks like Ethereum and Solana by allowing decentralized applications (dApps) and decentralized finance (DeFi) projects to be built on its blockchain.

Through this partnership, the zkVM will also help scale the DOGE network, offering developers the tools needed to create decentralized exchanges, non-fungible tokens (NFTs), and other DeFi projects. Given Doge’s recent stagnation, this development is expected to drive adoption by adding significant new use cases to the network.

Elon Musk’s Enduring Support

Elon Musk’s influence on Dogecoin remains strong, with his latest public endorsements further supporting the price rally. Musk recently posted an image referencing himself as the “Dogefather,” reviving speculation that his X platform (formerly Twitter) could eventually incorporate Doge payments once its financial services roll out.

Moreover, Musk hinted that DOGE would be accepted at a high-tech supercharging station in Hollywood upon its launch. He has also suggested that Tesla could soon reintroduce Doge as a payment option for its merchandise, signaling ongoing interest in integrating the coin into his ventures.

Whale Accumulation Drives Momentum

Another factor driving Doge’s meteoric rise is the activity of crypto whales. According to data from on-chain analytics platform Santiment, major investors have accumulated over 1.4 billion DOGE within a 48-hour period. Additional data from IntoTheBlock reveals a spike in large Dogecoin transactions, amounting to 9.41 billion DOGE on September 26, signaling heightened trading activity among whales.