Dogecoin Expands Its Presence in the Cryptocurrency Ecosystem by Becoming Available on Solana

This move comes as technical analysis suggests a possible price breakout toward $0.31, following a bullish chart pattern.

Dogecoin is expanding its presence in the cryptocurrency ecosystem with its integration into Solana, powered by Wormhole's Native Token Transfers (NTT) technology and zero-knowledge proofs from Psy and RISC Zero.

Dogecoin Integration into Solana Through Wormhole

Announcing the integration on Wednesday, Wormhole highlighted the launch of Dogecoin on Solana using its NTT framework. This upgrade will see DOGE become a Solana-native token, enabling efficient and controllable multi-chain transfers with NTT.

Moreover, the integration was developed in collaboration with Psy and RISC Zero, who utilized zero-knowledge proofs (ZKPs) to support the Native Token Transfers. These proofs will be used to maintain the token supply and allow for upgradable contracts on Solana.

“Bringing DOGE to Solana combines two massively influential forces in the industry today, and we’re excited that Wormhole is the infrastructure provider to make this moment a reality,” said Wormhole.

According to the firm, its technology has facilitated over $11.5 billion in inflows to Solana from other chains. This makes it the largest interoperability platform for the blockchain.

Now, Dogecoin joins a major ecosystem of assets and stablecoins that are already being supported by Wormhole across multiple chains.

DOGE Price Patterns Show a Bullish Signal

Meanwhile, crypto analyst TraderTardigrade noted that DOGE’s price chart is showing a Cup and Handle pattern on the daily time frame, which is usually seen as a bullish continuation pattern.

The “cup” part of the pattern has been forming over several months and shows a rounded bottom. This shape often appears after a period of price consolidation, with traders becoming more interested at lower prices and sellers at higher prices.

After the cup, a smaller downward channel shows a temporary dip in price, which is forming the “handle.” The handle is usually a shallower time segment that shows less selling pressure and more buying interest.

Recently, DOGE broke out of a strong resistance zone, which is highlighted in the chart. This area around $0.245 has been acting as a ceiling for several weeks, with sellers returning at this level to prevent further gains.

However, if the DOGE price manages to stay above $0.245 with good trading volume, then the analyst predicts that DOGE could continue rising toward the next resistance at $0.355.

DOGE Open Interest Soars 11%

At the time of writing, Dogecoin is trading at $0.2418 with a market capitalization of $36.12 billion. In the past 24 hours, DOGE has seen a trading volume of $2.83 billion, marking an increase of over 4%.

This bullish rally is irrespective of the recent delayed decision on DOGE ETFs from Grayscale Investments and 21Shares, both of which have been applying for approval to list the coin on exchanges.

Additionally, derivative market activity also shows increased interest in Dogecoin. Options volume is up by more than 130% to $349.57 million. Open interest in DOGE futures stands at $2.97 billion, which is up by more than 11%.

At the same time, total DOGE spot volume across exchanges decreased by 3.93%. This could mean traders are focusing more on derivatives as they await a confirmed breakout above $0.245 to continue the bullish trend.