As the cryptocurrency market dipped slightly by almost 1%, the price of Dogecoin (DOGE) stood strong, inducing a question – will the meme-token regain traction among investors? Positively surprising its holders, DOGE climbed 2% in the recent 24 hours, indicating a potential stability in the token. However, the meme token’s overall gains remain relatively lacklustre, with a disappointing decrease of 15% over the previous month and a 9% plunge since the start of this year. And so, the question emerges—will the DOGE price rise in the foreseeable future, or has the ‘barking frenzy’ calmed down?
The price chart of Dogecoin somewhat dashes the skeptics. An noticeable momentum gain has sparked hopes of imminent recovery, observable in its rising relative strength index, foreshadowing possible overselling, and presumably, undervaluation. As much as the 30-day average DOGE count lags behind its 200-day counterpart, the disparity and the increasing support level (green) symbolizes a refreshing rebound.
The magnitude of DOGE’s surge primarily relies on potential whale investors’ decisions. Observations by Whale Alert only further thickens the air of uncertainty. The last notable DOGE movements were recorded in July, inducing a hunch that whales have seemingly lost interest in the meme-trader. Nevertheless, the recent integration of DOGE-based swaps by Robinhood into its crypto wallet adds a silver lining to the otherwise cloudy market landscape. This development is expected to boost DOGE’s gradual adoption.
Uncertainty hovers around the possibility of Twitter introducing Dogecoin payments. Heated discussions and numerous speculations later, DOGE’s sizable value surge seems more plausible. Nevertheless, potential traders might view this unpredictable landscape with caution, exploring alternatives that promise quicker gains.
The current scene stealer is the Wall Street Memes (WSM), an ERC-20 meme token. Spearheaded by a lively community, the token has raised over $25 million, underlining its promising prospects. At the sole price of $0.0337 per token, the hype surrounding WSM fuels expectations of significant gains once the token is listed on exchange platforms. The strong community backing, coupled with the coin’s distribution that allots 30% to community rewards, is a savvy move to grow follower count and engagement, laying the groundwork for WSM’s price stability.
As always, remember that investing in crypto is a rollercoaster ride. The highs are thrilling but the fall can be steep. Our objective is to present the facts and the potential, the decision – to invest or not – lies in your court.
Source: Cryptonews
