The price of Dogecoin (DOGE) has increased by 1.5% in the last 24 hours, climbing to $0.073251 while the crypto market has gained a similar percentage.
DOGE is also up 1.5% in a week but down 9% in the past 30 days, with the meme token seeing a modest 4% gain year-to-date (compared to 65% for BTC and 55% for ETH).
This price move comes as its 24-hour trading volume has steadily increased to $250 million from around $140 million just a few days ago.
This suggests that Dogecoin’s bullish momentum is slowly rebuilding and could cause the price to rise higher in the coming days, while Dogecoin’s long-term hopes hinge on the possibility that Twitter allows the use of cryptocurrency as a means of payment.
Dogecoin Trading Volume Reaches $200 Million: Is It Time to Buy?
DOGE’s chart suggests that the situation is gradually improving for the meme token, with its relative strength index (purple) rising from below 30 in the past two days to above 50 today.
This signals a transition from selling pressure to buying pressure, as does DOGE’s 30-day moving average (yellow) now rising towards its 200-day average (blue), a move that could lead to rupture.
In this regard, it is also encouraging to observe that the support level of Dogecoin (green) is rising again after a brief period of lows, which means that it is consolidating its position at higher and higher levels.
All these clues suggest that the next few days and/or weeks could be positive for DOGE, which is currently recording an increase in its trading volume.
Some of his trades involve whales, with a number of large DOGE transfers executed yesterday (e.g. here, here, here And here).
As such, it looks like some traders are now taking advantage of DOGE being in oversold territory and being undervalued to buy the meme low priced token in expectation of a slightly higher upside. later.
Dogecoin has seen a surge in transactions on its blockchain recently, as users take advantage of the new DRC-20 token standard to create their own Dogecoin-based NFTs (known as Doginals).
This spike in usage could see Dogecoin gain more utility, though it could also be a passing fad that will run its course and die down in due time.
Either way, that doesn’t change the fact that most DOGE holders are hoping for an introduction of Dogecoin payments on Twitter.
Although this may end up being nothing more than an expensive daydream, Elon Musk has long been one of the biggest advocates (and custodians) of DOGE, while rumors suggest that Twitter may be moving forward with plans to launch digital payments (initially involving fiat currency).
For this reason, the rollout of Dogecoin payments on Twitter cannot be ruled out, and if introduced, the meme token is likely to see one of the biggest upsides in crypto history.
It could easily reach $1 if this scenario plays out, and in the absence of such integration, DOGE could gradually increase to $0.1 by the end of the year, possibly with the help of a new bullish cycle in the market.
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New Meme Tokens
While a use of DOGE on Twitter could prove positive for the cryptocurrency meme, any integration could take months or years.
As a result, traders are advised to diversify their portfolios and look to other altcoins for bigger gains in the short to medium term.
Luckily, there are plenty of high-potential altcoins currently in the market right now, including several new meme tokens and some very promising pre-sale tokens.
A new meme token is SpongeBob (SPONGE), an Ethereum-based altcoin that has seen gains of over 1000% since listing on Uniswap May 4.
SPONGE’s price has been propelled by growing community interest and a series of listings on exchanges such as Gate.io, Poloniex, MEXC, LBANK, CoinW And Toobit.
Other exchanges will likely follow in the coming weeks, which means SPONGE could register further highs in the not-too-distant future.
The same goes for Copium (COPIUM), another meme token listed directly on Uniswap very recently (May 18).
Based on the idea of helping its holders deal with missed opportunities in the crypto market, COPIUM has a strict cap of one billion tokens and features a burning mechanism which will ultimately destroy 300 million COPIUM.
It has already gained up to 650% since its listing on Uniswap a few days ago, while it is up around 60% in the last two days alone.
It is important to note that COPIUM has not yet been listed on any major centralized exchanges, so when that happens COPIUM’s price could really take off.
A new token that has not been listed is AiDoge, an AI-powered meme generation platform that is currently holding a pre-sale for its $AI token.
Its pre-sale has already raised over $11.5 million since its launch towards the end of April, giving an indication of how effectively it has already captured market interest.
Using advanced AI algorithms and large datasets, AiDoge’s platform can be used to generate a wide variety of memes.
Users simply need to enter a short text description to create their desired memes, while also being able to vote for the memes they each create, with top-ranked creations earning their owners AI$ rewards.
$AI can be used for staking and payment for certain meme-generating features, which means it has real utility, unlike many other meme tokens.
Due to this utility, it could easily increase once it is listed on exchanges in the coming weeks, taking its place alongside COPIUM and SPONGE as one of the most popular new tokens. of the year.
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Discover Copium
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