DOGE has surged by 10% in the past 24 hours, with the Dogecoin price rising to $0.18 today as the crypto market posts a 2% gain.
The famous meme coin has now ballooned by 95% in the past week and by 129% in a month, with its topping $9 billion this week and surpassing Solana’s.
After months of neglect, it therefore seems that is finally regaining some serious momentum, helped along by the market’s increasing bullishness.
And with DOGE still a long way off its current all-time high, it certainly has much more space for further gains in the near future.
Dogecoin Price Prediction as DOGE Trading Volume Surpasses Solana – $100 DOGE Possible?
DOGE’s chart looks exceedingly bullish at the moment, which isn’t very surprising, given that it has hit its highest level since December 2021.
Its relative strength index (purple) has surged beyond 80, putting the coin well into a decidedly overbought position.
Source: TradingView
At the same time, DOGE’s 30-day average (yellow) has been climbing very aggressively over the past week, greatly outpacing its 200-day (blue).
This is a strong sign that the coin has begun a breakout, one which could last a little while yet before it needs to correct.
Most bullish of all is DOGE’s trading volume, which has rocketed from about $300 million a month ago to more than $8 billion today.
This represents an increase of over 2,500%, with data showing that whales have been buying up DOGE in recent days and taking their holdings off exchanges.
67,496,921 #DOGE (11,924,617 USD) transferred from #Robinhood to unknown wallethttps://t.co/RdGw6hN7sL
— Whale Alert (@whale_alert) March 4, 2024
As such, DOGE could continue gaining in the near term, rallying as part of a market that is becoming more bullish as Bitcoin approaches its next halving event (in April).
As for DOGE itself, its status as a meme coin means that it doesn’t really have anything fundamental going for it, so it’s hard to say what is its ‘fair’ or ‘true’ value.
Nonetheless, the market had sold it quite heavily in previous months, meaning that it could rally disproportionately during the current bull phase.
And if X ever brings in cryptocurrency – and DOGE – payments, then the meme coin will rally even harder in the more distant future.
There is an expectation that it will do this eventually, but for now, the Dogecoin price will have to rely on market bullishness and its own momentum.
It could reach $0.3 by the summer, before climbing towards $0.4 in the latter half of 2024.
Other High-Potential Meme Coins
Given that DOGE’s indicators suggest that a correction may be arriving soon, traders may be better off turning to other meme tokens already.
Fortunately, the market has no shortage of new meme coins, with a handful of highly promising tokens looking like they could rally big in the near future.
One of the most bullish new coins is Smog (SMOG), which listed last month on the Jupiter and Birdeye DEX aggregators.
It has gained by 11% in the past 24 hours, and has risen by well over 5,000% since it became tradable.
Source: Birdeye/TradingView
What’s particularly notable about SMOG’s price history is that, compared to many other new Solana- and Ethereum-based meme coins, it has actually built on its initial growth.
This is very bullish, and it’s all because Smog boasts a unique and interesting airdrop system.
It will hold airdrops at regular intervals over the next few months, providing greater rewards to investors with greater holdings.
What’s exciting about this is that such a system incentivizes long-term holding, which in turn is boosting and will boost SMOG’s price.
Not only that, but holders can also stake the token, with its protocol providing yields of 42% APY.
$SMOG One #Memecoin To Rule Them All
Buy or stake ERC-20 $SMOG tokens through our website for 42.0% APY.
Tokens staked are locked for 90 days, with rewards withdrawable throughout.
All tokens purchased through the site will be automatically staked.
Link in bio! pic.twitter.com/Y98lZcjuk6
— SMOG (@SMOGToken) February 10, 2024
Again, this staking will encourage holders to keep tokens locked up, which in turn will reduce the coin’s circulating supply and boost its price.
And combined with viral meme-based marketing and a growing online community, it seems that such tokenomics will help make SMOG a big success.
Investors can buy it now at the official Smog website, or by going to the Jupiter or Birdeye platforms.
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