Dogecoin, the top meme coin, is down today, yet some experts remain optimistic about its potential to rally in the coming weeks.
Recent news and updates suggest that this token could surge again, potentially achieving gains of 2x to 10x for investors who buy and hold.
Today, we’re diving into the current state of Dogecoin, its recent performance, and some exciting updates that could signal significant gains for investors.
This article also explores the latest Play-to-Earn meme coin, PlayDoge, expected to explode and outperform others upon its launch.
Dogecoin aims not to be the largest cryptocurrency in terms of gains but rather to function as a practical digital currency. This insight comes directly from their official X account, which boasts 3.9 million followers.
While many cryptocurrency projects prioritize profit, Dogecoin’s focus remains on providing a straightforward means of exchange for everyday transactions. We’re witnessing some crypto initiatives leveraging Dogecoin to facilitate $5 billion in global aid, a remarkable feat.
For instance, purchasing Dogecoin on Coinbase, which offers lower transfer fees compared to other cryptocurrencies or stablecoins, supports global humanitarian efforts, cementing Dogecoin’s role as a utility coin in the real world.
"Dogecoin is my favorite because it has the best humor and has dogs"
— DogeDesigner (@cb_doge) July 7, 2024
Recently, DogeDesigner tweeted about Elon Musk’s preference for Dogecoin, citing its humor and canine appeal as factors. Whether this tweet is recent or not, the key takeaway is Elon Musk’s enthusiastic endorsement of the project.
If Elon decides to tweet, meme, or promote Dogecoin, it could lead to a substantial surge. This year, influencers like Elon Musk and Andrew Tate have significantly influenced various coin prices, highlighting the potential impact of Elon’s involvement on Dogecoin’s value.
Elon Musk’s participation could potentially ignite another rally, pushing Dogecoin to new all-time highs, potentially reaching $1.
Dogecoin’s current performance shows a mix: it has risen 2% in the past hour and 0.50% over the past 24 hours, but has fallen by 8.24% over the week, with a market cap of $15.8 billion. In comparison, Shiba Inu, another popular meme coin, holds a market cap of $9.7 billion.
This raises the question: Can Shiba Inu surpass Dogecoin, or will Dogecoin maintain its lead and potentially achieve new all-time highs?
With a market cap of $15.8 billion, Dogecoin ranks among the top 9 cryptocurrencies. Despite recent fluctuations, its long-term chart indicates it is near pre-bull run prices.
Over the past month, Dogecoin has shown a steady decline, though historical data shows prices were near $0.07 before the bull run. Currently priced at $0.10, this represents a $0.03 increase from its pre-bull run value.
This suggests there is latent value, with potential for a 2x return if purchased at $0.10 and pushed to $0.20. If it surpasses its all-time high of $0.7376, an 8x increase could be possible.
However, Dogecoin remains a long-term investment, different from flashier meme coins. Presently, technical indicators for Dogecoin are neutral, with moving averages indicating a strong sell-off.
Despite this, ongoing news continues to generate interest, keeping Dogecoin in the limelight. It is currently testing critical levels and showing bullish divergence, indicating a possible rebound.
This analysis excludes factors like Elon Musk’s influence or Dogecoin’s practical applications, which could drive future gains. With its substantial online presence and real-world utility efforts, Dogecoin appears poised for significant development.
Whether bullish or bearish, Dogecoin remains a meme token with considerable potential.
PlayDoge (PLAY) combines the popular play-to-earn (P2E) model with Doge memes, and traders are curious if it’s set to surge after its presale ends.
PlayDoge has already raised over $5.5 million in its presale. Investors can buy $PLAY tokens at $0.00517 each, but they need to act fast – the price goes up again in just less than 24 hours. Presale buyers can use ETH, USDT, BNB, or a credit/debit card for purchases.
The key to PlayDoge’s success lies in its upcoming play-to-earn crypto game, inspired by the 1990s hit Tamagotchi. In PlayDoge, players earn $PLAY tokens by nurturing a virtual doge companion. They can use these tokens for in-game upgrades to care for their pet better and earn even more $PLAY.
PlayDoge also expands the gameplay by allowing players to take their doge companions on 20 side adventures reminiscent of classic video games like Super Mario Bros. The more players achieve with their doge, the more $PLAY tokens they earn.
These tokens aren’t just virtual; they have real utility in-game, allowing players to purchase treats for their pets or stake them for additional rewards. Speaking of staking, the project offers rewards with a current APY of 89%, but this rate will drop as more people stake their tokens.
Launching on iOS and Android, PlayDoge aims to reach a vast global audience, potentially bridging crypto gaming with mainstream users. Despite current market turbulence affecting meme coins, PlayDoge remains steadfast.
PlayDoge plans to grow steadily in the crypto world with its unique approach, staking options, and soon-to-launch mobile game. By combining old-school fun with crypto rewards, PlayDoge aims to succeed and stand strong in the changing crypto market.
To take part in the $PLAY token presale, visit playdoge.io.
The post Experts Predict Incoming DOGE Rally – Will It Be Outperformed by This New P2E Meme Coin at Launch? appeared first on ReadWrite.
