Following a 1% upswing over 24 hours to $0.074070, the tale of Dogecoin (DOGE) seems to have drawn enormous attention amid disclosures of X‘s alleged integration of trading attributes. Hopes of continued climb of the meme token were thwarted, though, by the swift dismissal of such reports from Elon Musk. Yet, markets are holding onto the prospects of financial or payment features on the social media platform, which keeps DOGE’s potential rally a hot topic among enthusiasts.
Despite a marginal downtrend in recent days, DOGE’s future outlook remains optimistic. The attraction of the crypto asset apparently arises from this decline, perceived as a result of overselling. Analysis of the 30-day moving average and 200-day average promises a bounce-back sooner than later. However, until it surpasses its present support level, it would be hasty to announce its rebound.
Adding to the turmoil yesterday, rumours of X venturing into trading features circulated due to a statement in Semafor attributed to “people familiar with the matter”. This ignited a wave of hope among cryptocurrency admirers, keenly expecting DOGE’s exponential growth, all too quickly discredited by Musk.
Despite the current stagnation and modest anticipations for DOGE, its leverage in the online payment space is anticipated to amplify in the somewhat distant future. With its current standing, DOGE could potentially escalate to $0.080 in the coming weeks and eventually to $0.10 in subsequent months.
However, because DOGE’s future price movements are heavily reliant on Musk and X, cryptocurrency traders could start exploring other areas of probable profits. One such avenue is presale tokens. Wall Street Memes (WSM), a fresh ERC-20 token, has made notable strides, accumulating over $20.5 million since June.
With an active social media presence, backed by an online community, WSM has indeed been riding on a tide of success over the year. The token is positioning itself strategically in the market with decentralized tokenomics that have set aside 30% for community rewards. Interested buyers can invest in WSM on the official Wall Street Memes website, with 1 WSM currently valued at $0.0328, a price expected to inflate once the token lists on exchanges.
While this may appear as a compelling opportunity for growth, it’s essential to remember that such investments should be approached with caution. The world of cryptocurrency is known to be risk-infused, where major losses are just as possible as significant gains. The information herein is for informational purposes only and should not be regarded as investment advice.
Source: Cryptonews
