Dogecoin (DOGE) is experiencing slight weakness in early trading on Monday, but enjoys support from interesting fundamentals even as its adoption continues to increase among crypto investors and businesses. At the time of writing, DOGE/USD is trading at around $0.27.

The ongoing rally in its biggest rival Shiba Inu has seen Dogecoin slip below it in rankings, losing the top spot among memecoins and now becoming the second largest in the category based on market cap. However, there are several reasons that can help it recapture this spot, and Dogefather Elon Musk is one of the biggest supporting factors.

Dogecoin’s Adoption on the Rise

Late last week, Musk tweeted that he was planning to start a new university which would accept tuition payments in DOGE. While Musk often jokes about such lofty plans, it was enough for the Doge Army to drive up social engagement about the memecoin over the weekend and keep investors hooked to trading it.

While Musk’s university may still be a pipe dream, DOGE could find some support from Australian courier companion website Fast Courier’s recent announcement to start accepting payments in cryptocurrencies, including Dogecoin. One of the biggest drivers that has kept the value of DOGE supported in recent months is the rising interest among businesses in accepting it as a payment method. While most of the businesses doing so are based in the US, Fast Courier is one of the first instances of this outside the US, supporting its acceptance and adoption among users.

Interest in holding Dogecoin is still going strong in other parts of the world. According to a recent survey by Finder, Nigeria had the highest rate of crypto ownership globally in October, with nearly one quarter of online adults in the country owning some form of cryptocurrency. DOGE was the third most popular crypto among Nigerian users, following market leaders BTC and ETH.

However, one of the biggest drivers of the bull run in Dogecoin earlier this year – the Robinhood app, may be seeing interest among its users for DOGE decline. In its latest quarterly filings with the US SEC, the fintech app notes that crypto-based revenues from transactions in DOGE dropped to 40% in Q3 from 62% in Q2 2021.

DOGE/USD Technical Analysis

According to leading crypto strategist and trader who operates under the pseudonym Smart Contracter, Dogecoin could very well be heading to the moon. He insists that Dogefather Musk could step in and ensure that no other memecoin overtakes DOGE in popularity, and could drive a rally against SHIB which could see its price surge to the key $1 level soon.

Technical analysis of the H4 chart of DOGE/USD paints a mixed picture, with the smaller moving averages and the MACD suggesting a bearish bias. However, larger timeframe MAs along with the momentum indicator are pointing to some buyers’ presence as well.

Dogecoin’s price is holding under the pivot point at $0.279 but well above the immediate support at $0.219. We just have to wait and see if buyers can take the price past the pivot point soon.