Dogecoin Price Prediction as DOGE Bounces 4.5% in a Day – What’s Causing the Pump?
DOGE has gained by 4% in the past 24 hours, with the Dogecoin price racing to $0.1504 after the return of GameStop trader ‘Roaring Kitty’ to X sent meme coins flying yesterday.
Dogecoin is now up by 8.5% in a fortnight but down by 4.5% in a month, with the alt sitting on a 108% increase in the past year.
The online return of Roaring Kitty – whose real name is Keith Gill – not only pushed GameStop’s stock up by close to 75% in a day, but has boosted various meme tokens, including DOGE, PEPE, WIF and Roaring Kitty (ROAR).
— Roaring Kitty (@TheRoaringKitty) May 14, 2024
The gains of such coins come on a day when the crypto market as a whole is down by 1%, suggesting that meme tokens may outperform averages in the near term.
Dogecoin Price Prediction as DOGE Bounces 4.5% in a Day – What’s Causing the Pump?
DOGE’s chart is in a very promising position at the moment, with its indicators having perked up in the past day but still having room to intensify before we enter an overbought position.
Most significantly, the coin’s 30-day average (orange) has just climbed over the 200-day (blue), forming a golden cross that often portends strong gains.
Source: TradingView
This has happened in the context of a rising relative strength index (purple), which touched 80 yesterday and remains in a promising position between 50 and 60.
Given that the previous few days had seen a sustained loss, it’s likely that the Dogecoin price will continue to consolidate its recent gains in the near term.
It’s also encouraging that DOGE’s 24-hour volume has shot up to $2 billion today, from $600 million barely 24 hours ago.
This indicates some very strong interest, with DOGE outperforming most alts today, save for a handful of other meme tokens.
As noted above, this is largely because ‘Roaring Kitty’ has posted online for the first time in three years, inviting speculation that he may begin trading again.
Imagine spending 4 years of your life studying efficient market hypothesis only to see a $GME rip 100% and add hundreds of millions of dollars of market cap because some guy who calls himself “roaring kitty” tweeted a meme
— Dr. Parik Patel, BA, CFA, ACCA Esq. (@ParikPatelCFA) May 13, 2024
Regardless of whether Gill actually begins another crusade, traders have pre-empted any possible pump by buying the likeliest meme tokens to benefit from his return.
This includes DOGE, which, in the longer term, may end up benefiting massively from X’s introduction of digital payments.
X has said it will introduce such payments this year, and if its options include crypto and DOGE, the latter could rocket.
If not, it may reach $0.25 by the end of the summer and $0.4 by the end of the year.
New Dogecoin Token Has Big Potential
While DOGE could continue to gain in the near term, it arguably doesn’t promise as much positive volatility as newer meme tokens, which can often outperform the market by big margins.
While picking winners in advance is often a crap shoot with very new meme coins, one way of identifying stronger candidates is to look for successful presales.
And one new meme coin with a very encouraging sale is Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised over $15 million in its token offering.
Source: Dogeverse
As the first-ever Doge-themed multi-chain crypto, DOGEVERSE will run on Ethereum, Polygon, BNB Chain, Solana, Avalanche and Base.
By operating on multiple chains, it could gain much greater usage and traction that it would have as a single-chain coin, with the increased demand helping to push up its price.
Helping with a higher price will be its max supply of 120 million tokens, which, over time, will potentially make the coin deflationary.
Also, squeezing its supply will be the ability to stake the token, which will incentivize long-term holding on the part of owners.
While the coin’s presale will be ending soon, investors can still join its sale by going to the official Dogeverse website, where 1 DOGEVERSE is $0.00031.
This is its final presale price, with DOGEVERSE unlikely to be available so cheaply ever again.
The post Dogecoin Price Prediction as DOGE Bounces 4.5% in a Day – What’s Causing the Pump? appeared first on Cryptonews.