The price of Dogecoin has increased by 1.5% in the last 24 hourshitting $0.079494 after the cryptocurrency market reacted positively to the Federal Reserve’s latest rate hike.
This means that DOGE gained a modest 1% last week, but is down 17% in the past 30 days, although the original meme token has gained 13% since the start of 2023.
DOGE’s slight rally today also comes against a backdrop of meme tokens in general experiencing something of a mini-bullish season, with Pepe Coin (PEPE) and WSB Coin (WSB) in particular beating much of the market. Right now.
And with the Dogecoin community who still expects Twitter to introduce DOGE payments in the not too distant future, DOGE may soon have its own big rally.
Dogecoin Price Prediction as Meme Token Prices Rise – Is It Time to Buy DOGE?
DOGE’s small jump today comes as its indicators move towards an unpromising position. Its 30-day moving average (yellow) is about to fall below its 200-day average (blue), forming a “death cross” which usually signals more falls.
That said, DOGE’s relative strength index (purple) seems withstand a drop even below 50with a stabilization of the indicator at the level of 45.
At the same time, the meme token’s support level hasn’t dipped much over the past week, suggesting that it may not drop further in the coming days.
That said, an alert revealed that a Dogecoin address containing 1.5 million DOGE has been reactivated after spending the last nine years dormant.
This could suggest that the owner of the address is gearing up to sell, although the business of other DOGE whales is diversified at the moment, with fund transfers towards Exchanges and other transactions from of the trades in the last hours.
More positively, the market has recently been hit by a frenzy for meme tokens, with PEPE surging over 600% in the past week.
This new trend hasn’t quite expanded to include DOGE, but it’s possible that once fervor surrounding PEPE and WSB Coin subsides, traders turn to DOGE again.
Being a meme token, there isn’t really any fundamental reason why investors should choose DOGE over other tokens, beyond its enduring popularity.
That said, the Dogecoin community continues to hope that Twitter, now owned by Elon Musk, will eventually introduce crypto and DOGE payments at some point in the future.
While it could be argued that much of this is just wishful thinking, Musk has always presented himself as a very dedicated supporter of Dogecoin. Meanwhile, Twitter partnered with eToro last month to provide real-time asset prices and the ability to buy cryptos through the social investment platform.
Additionally, internal sources within Twitter confirmed in January that Twitter had accelerated its digital payment plans. The social network has even requested payment licenses from several American states.
It is therefore quite possible that DOGE payments and/or transfers will soon end up on Twitter, which will undoubtedly cause the price of the token to even skyrocket in the market.
Indeed, adopting Twitter would allow it to break its current all-time high of $0.731578, before potentially hitting whole numbers in the next bull market.
Altcoins with utility
The problem with Dogecoin, of course, is that not much can be expected to happen to its price if Twitter does not introduce DOGE payments.
Due to DOGE’s overreliance on Elon Musk and Twitter, traders may prefer invest in altcoins with stronger fundamentalsas well as newer altcoins that have yet to experience their initial growth spurt.
A crypto that ticks both of these boxes is Launchpad XYZ (LPX). This Ethereum-based platform provides users with their portal into the growing Web3 industry.
Launchpad opened presale for its native LPX token about a week ago and has already raised $175,000.
The main selling point of Launchpad XYZ is that its platform will seamlessly integrate the various elements, applications and functionalities that currently make up the essential structure of the Web3 space.
By combining multiple features into one platform, Launchpad XYZ will make Web3 more appealing to general users, helping to drive adoption for the subsector and the applications or platforms within it.
During deployment, Launchpad will include an NFT wallet, as well as a game hub for earning, a launch pad for presales, a trading terminal, an analytics platform and an AI-powered search engine specifically for crypto.
Perhaps most importantly, it will also provide users with a user-friendly portal to other Web3 projects and platforms, while its native LPX token can be staking-locked to earn rewards.
Investors can participate in its presale by going to the Launchpad website and connecting their wallets.
1 LPX token currently costs $0.035, although this will increase to $0.0375 when the presale enters its second stage.
And after the sale is completed, LPX will be listed on exchanges at a price of $0.07, which is already a 100% increase, and that is before the token experiences any rally.