DOGE has dropped by 0.5% in the past 24 hours, with the Dogecoin price slipping to $0.1475 as the crypto market as a whole recovering by 2.5% today.
The famous meme coin has now lost 16% in a week and 12.5% in a fortnight, although it remains up by 75% in a month and by 90% in a year.
Such medium-term momentum bodes well for DOGE, which continues to attracting relatively high volumes, at just over $2 billion today.
And with traders expecting the market to remain bullish over the next couple of months, the Dogecoin price is likely to witness further rallies soon enough.
Dogecoin Price Prediction as Daily Trading Volume Surpasses $2 Billion – Are Whales Buying?
Dogecoin’s chart is in a very mixed position right now, with further falls just as likely as a rebound.
Its relative strength index (purple), for example, is falling towards 40 and could sink to 30 or lower before things improve.
Source: TradingView
Meanwhile, Dogecoin’s 30-day average (yellow) crossed below its 200-day (blue) over the weekend, indicating a bearish reversal that may continue for at least a few days yet before the action becomes more positive.
That said, DOGE’s volume remains encouraging at $2.1 billion, a figure which remains more than 450% higher than where it was 30 days ago.
118,402,438 #DOGE (19,752,398 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/uxITCxNcR8
— Whale Alert (@whale_alert) March 15, 2024
Of course, some of this volume has involved bigger investors offloading the coin in recent days, yet it’s significant that whales are able to take profits without sending the price back to its level of a month ago.
And because the medium-term trajectory of the market remains upwards, the Dogecoin price is likely to rebound soon.
Bitcoin ETF volumes and the possibility of Ethereum ETFs continue to buoy investors, with DOGE in a good position to benefit from the growth of the wider market.
As for DOGE itself, it still holds out the possibility of further support from Elon Musk and/or X.
Last week saw Musk reaffirm his support for the meme coin, with the entrepreneur declaring “Dogecoin to the Moon” during a presentation in Berlin.
X has officially received its money transmitter license for payment services in Nevada.
— unusual_whales (@unusual_whales) February 1, 2024
At the same time, X continues to prepare for the introduction of digital payments on its platform, with the social media company receiving payment licenses in an increasing number of US states.
If X does introduce crypto and DOGE payments, the Dogecoin price could explode.
For now, it could reach $0.2 in the next few weeks and $0.3 by the summer.
New Meme Token Improves on Dogecoin Template
Because DOGE has become so established as a meme coin and may not rally massively anymore, some traders may prefer to diversify into newer alternatives.
One of the best new alternatives to DOGE right now is Ethereum-based cryptocurrency Dogecoin20 (DOGE20), which launched its presale last week and has already raised $1.9 million.
This is a very impressive figure, with DOGE20 attracting investors by virtue of its updated take on meme tokens such as Dogecoin.
Preparing for the ultimate #DOGE upgrade!
We’re sending @elonmusk ‘s favorite #Memecoin towards a more sustainable future.
Exploring the opportunity of staking #DOGE20 and earning eco-friendly rewards. pic.twitter.com/r1yI80s2Aa
— Dogecoin20 (@DOGE_COIN20) March 17, 2024
It introduces a number of improvements over the original Dogecoin, with its use of the Ethereum blockchain making it more environmentally friendly than DOGE itself.
On top of this, the use of Ethereum means that DOGE20 offers staking, with its protocol distributing greater rewards to holders who stake earlier and for longer periods.
When combined with its hard-capped supply (of 140 billion DOGE20), this should result in the coin’s price rising steadily over time, as its supply becomes more constrained.
And if that weren’t enough, Dogecoin20 will also distribute a portion of its treasury to charitable causes and community projects.
Not only will these serve to differentiate DOGE20 from most other meme coins, but it will encourage greater engagement in the project from its surrounding community.
How is #Dogecoin20 different from #Dogecoin?
$DOGE20 is part of the #DOGE family of #Memecoins but it adds more utility and value for holders by introducing staking on #Ethereum for passive rewards.
The ’20’ in Dogecoin20 stands for ‘ERC-20’. pic.twitter.com/UV6WOXXTj3
— Dogecoin20 (@DOGE_COIN20) March 15, 2024
Investors can join the coin’s presale by heading over to its official website, where they can buy 1 DOGE20 coin for $0.000164.
This price will rise with each stage of the presale, while its listing on exchanges (beginning with Uniswap) after the sale ends could propel its price even higher.
The post Dogecoin Price Prediction as Daily Trading Volume Surpasses $2 Billion – Are Whales Buying? appeared first on Cryptonews.