While digital assets like Bitcoin and Ether stumbled amidst a broader market plunge, lesser compassing digital coin, Dogecoin dipped down by more than 25% from its late July peak around $0.08. In intriguing contrast, Google’s AI chatbot, Bard, has shown bullish predictions for Dogecoin, stating that it could climb as high as $0.10 by 2023 end, accomplishing almost 60% surge from its present rate circling $0.06.
This bullish forecast for Dogecoin hinges on several factors. Prospects for arriving at mainstream business adoption of Dogecoin as a transaction medium paves one avenue. Increased use of Dogecoin for tipping purposes, donations, and burgeoning media attention are among the other contributing forces. A vital factor includes the potential inception of new products and services based on Dogecoin.
Yet, the bearish current in the market is imposing several resistances on Dogecoin’s trajectory. For instance, the market perceives Dogecoin’s unsuccessful attempt to break convincingly above its 200DMA despite many late July and early August efforts as a pessimistic signal. Moreover, Dogecoin’s uptrend that was in action since June halted sharply last week. The possibility of a retest of the June lows at $0.06 remains potent.
In face of this unpredictable market scenario, it seems wise for meme coin investors to hedge their chances. A promising alternative to consider comes in the form of a new coin named $WSM. Launched by Wall Street Memes, the internet-based retail investing community with over a million followers, $WSM is set to compete with Dogecoin and other meme coins including Pepe Coin and Shiba Inu. Having the reputation as “the king of stocks,” Wall Street Memes now intend to become “the king of crypto”.
The $WSM pre-sale has already garnered significant support, raising over $25 million. Several leading crypto industry influencers and analysts are projecting a massive success for the coin. With the pre-sale slated to end in less than 36 days, there seems to be a mad rush to acquire a token that could potentially outrank its meme coin contemporaries.