In the last 24 hours, DOGE has increased by 5%, with the price of Dogecoin hitting $0.1651, along with a 5% rise in the cryptocurrency market today.
TakeAway Points:
- Dogecoin is still down 20% in a week despite a 5% increase today, along with a 5% rise in the cryptocurrency market today.
- DOGE’s relative strength index (purple) has increased to 60 after briefly touching 20 over the weekend.
- As a multi-chain meme coin, Dogeverse will launch initially on Ethereum before bridging to Polygon, BNB Chain, Solana, Avalanche, and Base.
Dogecoin is Still 20% Down
Dogecoin is still down 20% in a week despite today’s increase, while the meme coin has only increased by 2% over the previous 30 days. However, in recent days, traders have increased their volume of transaction beyond $3 billion as they try to purchase the token at a lower price.
According to DOGE’s chart, the coin reached a low over the weekend, and the current upswing is expected to last for a few more days at least. The coin’s 30-day average (orange) has started to rise positively after dropping sharply below its 200-day average (blue) the previous night. There is still lots of potential for it to rise.
Similarly, DOGE’s relative strength index (purple) has increased to 60 after briefly touching 20 over the weekend. This indicates that the token is once again under buying pressure, which might lead to more price increases.
As previously mentioned, Dogecoin’s trade volume has increased significantly over the last few days, but it is still far behind its peak in early March (when it crossed $8 billion).
According to analysts, it is difficult to predict how strongly DOGE could rise in the near future because some analysts are unsure whether the Bitcoin halving on April 20 will be a bullish or sell-the-news event. Still, if it does lead to a more bullish environment (at least eventually), DOGE will be one of many coins to benefit from a greater appetite for cryptocurrencies. As for Dogecoin, it lacks the fundamentals to propel it on its own account, although any future nod or name drop from Elon Musk could help it enjoy brief rallies.
In the longer term, it continues to wait on the possibility of X adding digital payments to its list of features, something that could send it surging if such payments include DOGE as an option.
Novelty of Meme Tokens with Doge Theme
One of the most widely used meme coins on the market is still DOGE, but unless X makes Dogecoin payments, it might not see significant increases in value. Thus, some traders could rather focus on more recent meme coins, especially those that have been building momentum ahead of their listing and holding their presales.
For aficionados of Doge, Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised over $4.5 million in its continuing sale, is one of the finest possibilities.
Dogeverse is an Ethereum-based multi-chain meme coin that will first bridge to Polygon, BNB Chain, Solana, Avalanche, and Base.
The fact that DOGEVERSE is compatible with multiple chains makes it more useful and accessible than many other similar meme coins; additionally, its deflationary tokenomics, which cap the token’s supply at 200 million, allow for staking, which should cause a significant portion of the token to exit circulation; when combined with this fixed supply, the token’s relative demand may rise exponentially, driving up its price over time. These features are expected to make DOGEVERSE one of the most intriguing and profitable new coins of the year, with investors able to participate in its sale on the official Dogeverse website.
A dogeverse presently costs $0.000295, although this will climb with each new stage of the sale. It’s also anticipated to rise considerably once the sale closes and the token listings on exchange, with DOGEVERSE’s distinctive design making it one to watch.
