Mishaboar, a popular Dogecoin (DOGE) contributor, has directly appealed to Phantom Wallet to add support for the seventh-largest cryptocurrency by market cap.
He made this request in an X post on Saturday while acknowledging that he currently enjoys the service offered by the Solana wallet.
Potential Implication of a Dogecoin-Solana Linkup
To substantiate his request, Mishaboar highlighted that Phantom Wallet already supports non-native Bitcoin (BTC).
On this premise, he says adding support for the canine-themed memecoin should not be “too difficult.” His take hinges on Dogecoin and Bitcoin operating with similar Proof-of-Work (PoW) consensus mechanisms.
A reply has yet to be given to the Dogecoin contributor’s appeal, but hopefully, a response or action will follow soon.
Should Phantom Wallet consider Mishaboar’s appeal and add DOGE to its list of supported crypto, it would enhance interoperability to both ecosystems.
It is popular knowledge that Solana prides itself on its low transaction fees and high speed. Dogecoin users stand to benefit from these features once DOGE transactions are facilitated on Solana infrastructure.
In addition, this move could also expand Dogecoin’s utility in Decentralized Finance (DeFi). It addition, it could grant DOGE holders access to more Solana-powered Non-fungible Tokens (NFT).
In the long run, developers will likely enjoy some advantages, including cross-chain opportunities and innovations. The linkup could serve as the bridge between communities on both blockchains.
DOGE Price and Plans From Dogecoin Foundation
The Dogecoin-Solana linkup could also catalyze a new price rally for DOGE.
Noteworthy, as of writing, the price of the memecoin was trading at $0.4617. This corresponds to a 5.62% increase in the last 24 hours. If this rally is sustained, it might push DOGE to hit a new All-Time-High (ATH).
On December 6, Dogecoin celebrated its eleventh anniversary, and many analysts voiced their opinions in the spirit of celebration.
Crypto analyst Master Kenobi believes that DOGE could record more price surges post-anniversary.
Dogecoin is allegedly well-positioned for the bull run continuation, which could push its price to $1. Market analyst Ceciliones thinks this projection is not out of place.
Depending on the bullish momentum, more optimistic analysts think DOGE could go as high as $2.9.
Similarly, crypto analyst Kevin Capital predicted that DOGE could hit the macro golden pocket between $3.8 and $4 during the next rally.
The Dogecoin Foundation has several activities planned for 2025, including a possible DOGE ETF launch.
In the long run, the focus is accelerating its adoption amongst crypto community members. With this, it might boost the price of Dogecoin.
Technical Indicators on DOGE‘s Next Bull Run
As of December 5, Ceciliones showed a technical formation that proves the existing trend of increased prices is likely to be repeated.
The MACD line was at 0.00266, and the signal line was at 0.00129, with a crossover in an upward direction.
This strongly suggested a bullish signal. Not long after, the crossover was concluded, indicating increasing buying power.
Around the same time, Dogecoin’s Relative Strength Index (RSI) stood at 61, signaling that the asset is not yet overbought.
When the RSI index is above 70, it often indicates oversold; thus, the asset will likely face correction.
For now, DOGE has more bandwidth to push its bullish momentum forward.
Source: https://www.thecoinrepublic.com/2024/12/08/dogecoin-developer-woos-solanas-phantom-wallet-to-integrate-doge/