The Dogecoin price has increased by 3.5% in the last 24 hours, reaching $0.1515 as the overall crypto market rises by 2.5% today. Despite a 20% loss in the past month, DOGE has gone up by 14% in a week, with indications that whales have been accumulating the meme coin. A significant transfer of $19 million in DOGE off Robinhood suggests the potential for further gains in the coming days, positioning the market for a busy weekend ahead.
The Dogecoin chart indicates that the coin is in the early stages of an upswing that may last a few more days. The crossover of its 30-day average over its 200-day average is creating a bullish signal, accompanied by the relative strength index hovering between 50 and 70 after a recent drop. Data suggests that whales have been re-accumulating DOGE, with addresses holding between 100 million and 1 billion DOGE now owning 21% of the total circulating supply. This could lead to profitable outcomes for whales once the Dogecoin price rises in the near future.
Dogecoin presents long-term potential, especially if X introduces digital payments on its platform using DOGE, potentially pushing the price to $0.5 by the year’s end. While Dogecoin remains a prominent meme token in the market, new competitors like Dogeverse (DOGEVERSE) have emerged with strong rally potential. As a multi-chain meme coin running on various networks, DOGEVERSE has raised over $15 million in its token offering and has a hard cap of 120 million tokens, making it deflationary in the long run. Its staking system incentivizes holders with yields, leading to a reduction in supply, ultimately boosting its price over time.
The market for meme tokens has seen significant growth, with several new coins showing potential to outperform the market. Dogecoin, while remaining a key player, faces competition from emerging tokens like DOGEVERSE. This multi-chain meme coin has garnered attention for its unique features, compatibility with various networks, and deflationary supply model. With a promising outlook for price appreciation, DOGEVERSE is attracting investors looking to capitalize on the meme token trend. Interested investors can participate in the token sale through the official website, positioning themselves for potential gains when the token lists in the upcoming weeks.
It is essential to note that investing in cryptocurrency is a high-risk endeavor and requires careful consideration. This article provides information for informational purposes only and should not be construed as investment advice. Investors should conduct their research and consider the risks involved before making any investment decisions in the volatile crypto market. With the potential for significant gains, it is crucial to be informed and cautious when investing in assets like Dogecoin and DOGEVERSE to mitigate potential risks and maximize returns.
