The recent drop in the price of Dogecoin (DOGE) by 1.5% has been noted with market observers discovering a brief return to a $10 billion market cap before slipping back down. With a loss of 10% in a week and 13.5% in the last 30 days, DOGE’s performance since the beginning of the year sits at a mere 0.5% gain. With such discouraging figures, traders have gravitated towards other meme tokens like Pepe (PEPE) and SpongeBob (SPONGE) that have shown better performance within the past few weeks.
Speculations are rife that AiDoge (AI), an upcoming meme-generating platform might join the league of performers soon. Already having raised over $6 million in its presale, AiDoge seems promising as it harnesses big data and advanced algorithms to generate memes.
Despite DOGE’s recent losses, its chart presents a potentially brighter picture; with an increase in the relative strength index (purple) and the support level (green) stabilizing following a steady decline. This, along with the 30-day moving average (yellow) looking optimistic, suggests that a rebound might be imminent.
The general downturn in the market, with Bitcoin (BTC) losing 4% today, is likely one of the contributing factors to DOGE’s decline, as some whales have actually been observed buying up the meme token. With such movements, a possible recovery for DOGE might lead to prices rising towards $0.075 in the upcoming weeks.
However, DOGE’s long-term prospects heavily rely on Twitter, as the Dogecoin community expects the social media giant to introduce DOGE payments in the future. This potential shift could be years away, which might be why DOGE has been underperforming.
For traders less inclined to stake their bets on Twitter’s future decisions, other altcoins might be more appealing currently. The AI-powered meme-generating platform, AiDoge, has been gaining attention. Its collaboration with SpongeBob (SPONGE) has provided additional exposure, with AiDoge’s presale currently entering the ninth stage.
This stage prices 1 $AI token at $0.0000292, which is expected to increase to $0.0000296 in the next stage and ultimately reach $0.00003360 at the final stage, signifying a 15% increase compared to its present value. Investors can participate in the presale through AiDoge’s official website.
As the market continues to fluctuate, some meme tokens seem poised for potential growth while others seem to be waiting for broader market movements or external factors to propel them upwards. These coin market trends should be observed with both optimism and caution as the future of the cryptocurrency world continues to unfold.
Source: Cryptonews
