DOGE, the cryptocurrency that successfully turned a comic Internet meme into a tangible financial asset, has been undergoing a noteworthy resurgence. Giving it a 1.5% boost in the past 24 hours, the fervour surrounding the digital coin continues to thrive, pushing its value up to $0.078600. This surge follows the recent developments of Twitter’s rebrand to ‘X’ and Elon Musk’s enigmatic display of the DOGE logo in his social media biography.
Analysts have noted these events as pivotal triggers of DOGE’s 14% increase over the week and its 18% uplift over the last 30 days. Many enthusiasts are relishing the anticipation that these indicative markers may set the stage for DOGE payment integration into the ‘X’ social network platform, potentially catalysing even more robust growth.
Yet, amidst this wave of positivity lies a flicker of cautions. Technical cues portray a potential correction on the horizon, with the relative strength index (RSI) of the coin showing signs of relaxation after having surpassed 70 merely days ago. A changing momentum portrait is emerging; despite the 30-day moving average steadfastly holding above the 200-day level, its lofty perch suggests an imminent decline.
Coupled with this, the existing distance between the current price and its intermediate support level indicates that any subsequent fall could instigate a significant value reset. Meanwhile, however, strong sentiment continues to hover around DOGE courtesy of Twitter’s iconic name alteration and Musk’s ceaseless endorsement of the coin.
On the other hand, the question of DOGE potentially becoming the exclusive cryptocurrency of ‘X’ still teeters between uncertainty and speculation. Analysts and aficionados are also on the watch for a potential digital currency introduction by ‘X’, putting DOGE’s exclusivity in further ambiguity.
This lingering enigma is keeping traders on edge, making them consider alternative market players that could potentially provide quicker gains. The presale token market especially stands out in this scenario, with Wall Street Memes (WSM) currently in the limelight for securing an astounding $17.8 million in investment.
WSM has moulded its chance out of the meme stock surge, capitalising on the global craze to create a strong following. Already the proud possessor of a 255,000-strong Twitter audience, it appears set for a promising acceptance and possible listing in crypto exchanges in the upcoming weeks. With an intention of making WSM a decently decentralised meme token, it offers exciting potential for those interested in hopping onto the meme coin wagon in pursuit of unseen profitability.
Source: Cryptonews
