DOGE has jumped by 6% in the past 24 hours, with the Dogecoin price reaching $0.2059 today as the imminent Bitcoin halving provokes market-wide optimism.
This move means that DOGE has gained by a modest 1% in a week but by a more impressive 24% in the last 30 days, with the alt remaining the largest meme token in the market by cap.
What’s potentially bullish is that DOGE is still 71% down in relation to its all-time high of $0.7316, implying that the market continues to undervalue the token.
As such, it could have some big, market-beating gains in store in the near future, with the aforementioned halving helping it to rally further in the next week or so.
Dogecoin Price Prediction as DOGE Remains Largest Meme Coin in the World – $1 DOGE Possible in April?
Dogecoin’s chart is in a bullish position, although based on recent movements, it may dip a little today before seeing another gain.
Its relative strength index is dipping again after touching 70 earlier this morning, although this could be only a short-lived dip, perhaps to 60 or 55.
Source: TradingView
At the same time, DOGE’s 30-day average (yellow) continues to climb well beyond the 200-day (blue), a sign that it’s in the middle of a growth spurt that could continue for a little while yet.
DOGE’s 24-hour trading volume has also risen in the past couple of days, moving from $1.7 billion late on Saturday to around $2.68 billion today.
This signals a significant surge in interest in the token, with the past few days seeing some whales take DOGE off exchanges.
99,278,179 #DOGE (17,682,842 USD) transferred from #Robinhood to unknown wallethttps://t.co/m46QE6eTnE
— Whale Alert (@whale_alert) April 5, 2024
As such, we can expect the Dogecoin price to see at least one or two more rallies en route to the Bitcoin halving, which will happen on April 20.
The halving is already boosting BTC and the wider market at the moment, and in the longer term it could help inaugurate another big bull market.
As the market’s biggest meme token, DOGE will ride this wave, while it may also continue to benefit specifically from support from Elon Musk and X.
X has been patiently applying for and receiving money transmitting licenses in the US in recent months, with the platform planning to roll out digital payments sooner or later.
𝕏 Payments 一 23/50 pic.twitter.com/kEWd5Sj1Mv
— DogeDesigner (@cb_doge) April 5, 2024
Assuming that X includes DOGE payments in its plans, then the Dogecoin price will rally massively.
It could even hit $1 by the end of the year, in the event that DOGE payments do arrive on X.
A New Doge for New Rallies
While Dogecoin does remain the biggest meme token by cap, its established position could mean that it doesn’t rally astronomically this year.
For such exponential gains, traders may be better off looking towards newer meme tokens, including new coins that are holding their presales.
A good example of this is Dogecoin20 (DOGE20), an ERC-20 token that has raised more than $10 million in its sale, which will close in 12 days.
By choosing this special day, we’re tapping into the collective energy and enthusiasm that defines #DOGE20.
With the Doge Day spirit behind us, we’re primed and ready for success. Join us as we make history together and secure your spot in the #DOGE20 journey!
— Dogecoin20 (@DOGE_COIN20) March 26, 2024
DOGE20’s sale has been running for less than a month, yet it has proven popular among investors by virtue of its updated take on the meme coin format.
Its harnessing of Ethereum’s staking mechanism makes it less energy-intensive and more environmentally friendly than the original Dogecoin, which remains a proof-of-work coin.
And with a hard cap of 140 billion tokens, it offers a harder form of money, one which should become deflationary with rising demand.
Indeed, because DOGE20 enables staking, much of its supply could actually exit circulation, pushing its price even further.
One other encouraging feature is that it aims to make good on Dogecoin’s original promise to ‘Do Only Good Everyday’.
In practice, this means it will provide regular transfers to charitable projects and community causes.
Not only is this laudable in itself, but it will also help grow its community of supporters and investors.
And while its sale is close to ending, investors can still join by going to the official Dogecoin20 website.
Tokens will become claimable from April 20, at which point it will list and potentially rally big.
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