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The Dogecoin price has surged significantly in the last 24 hours, rising by almost 10%. This price surge is thanks to several bullish developments, including plans to launch a zero-knowledge virtual machine (zkVM) on the Dogecoin Network to enable smart contracts. Dogecoin whales have also been actively accumulating the foremost meme coin. Why The Dogecoin Price Is Rising So Fast The meme coin’s price has surged for several reasons. One is the QED protocol’s plans to enable smart contracts on the Dogecoin network. Elon Musk also continues to support DOGE, and whales are actively accumulating the top meme coin. QED Protocol To Enable Smart Contracts On DOGE Network The DOGE price is rising so fast partly because of its bullish fundamentals. QED protocol announced its partnership with Nexus to launch a zero-knowledge virtual machine (zkVM) on the Dogecoin network. This move will enable smart contracts functionality on the meme coin’s network and help it compete with Ethereum and Solana. As part of the partnership, the QED protocol and Nexus will help scale the network with the zkVM and include tools that empower developers to launch several Decentralized Finance (DeFi) projects on the network, including decentralized exchanges and non-fungible tokens (NFTs). This move is undoubtedly bullish for the Dogecoin price since it will help boost DOGE’s adoption by adding more utilities for the meme coin. The development is also timely, as network activity on the Dogecoin network has stagnated for a while now. IntoTheBlock data shows that the number of new addresses on the network has remained sideways over the last three months. Elon Musk Shows Support For DOGE Another reason the Dogecoin price is rising is Elon Musk’s continued support for the meme coin. Musk posted a picture of the dog behind Dogecoin, saying ‘Dogefather.’ This came following a video…

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Filed under: News - @ September 27, 2024 7:24 am