The Dogecoin price has dropped by 2.5% in the past 24 hours, slipping to $0.1579 on a day when the wider crypto market has remained flat.
DOGE is now down by 3.5% in a week and by 2% in a month, yet the meme coin holds onto a 115% gain in the past year.
This progress has enabled Dogecoin to approach XRP in the market cap rankings, with the meme token only $6 billion away from overtaking XRP, which has stagnated this year as Ripple waits for its final settlement with the SEC.
And with interest in meme tokens growing as the wider market becomes more bullish, the Dogecoin price could certainly see some fresh gains in the near future.
DOGE Approaches Ripple’s XRP in Coin Rankings – Can DOGE Reach $10?
What DOGE’s fall today means is that the coin has delved deeper into oversold territory, which is positive insofar as it provides an opportunity to buy the dip before a rebound.
Its relative strength index (purple) has declined from nearly 70 yesterday to 40 today, while it has space to fall further before things correct.
Source: TradingViewLooking at DOGE’s 30-day average (orange), the coin seems to have suffered for long enough and should be ready for some rallying soon, given that the 30-day has been below the 200-day (blue) for most of the past week.
What’s also encouraging is that the alt’s resistance (red) and support (green) levels are triangulating towards each other, nearing a pinch point that often leads to big moves.
And when combined with the low volume at the moment, one big buy from a whale could send the Dogecoin price flying.
It seems that quite a few traders believe that DOGE still has strong potential, at least based on previous history and where the overall market seems to be moving.
Weekly reminder that $DOGE is going to do something stupid later this year and there’s nothing you can do about it
still 1 of the safest trades you can take this cycle IMO. pic.twitter.com/104EcoibAl
— Altcoin Sherpa (@AltcoinSherpa) June 3, 2024
Yesterday saw the revelation that famed GameStop trader Keith Gill (AKA Roaring Bunny) has been accumulating a position worth $180 million in the retailer’s stock
Not only did this increase bullishness for GameStop, but it may also filter out into general demand for meme tokens, such as Dogecoin.
On top of this, the coming months may bring increased positivity across the board, given that inflation seems to be easing in numerous areas, such as the UK and the EU.
This should hopefully lead to rate cuts which, in turn, will result in rising investor appetite.
The Dogecoin price may therefore benefit as a result, reaching $0.2 by the end of summer and $0.4 by the end of 2024.
Other High-Potential Meme Tokens
Dogecoin is also waiting on the possibility of X introducing DOGE payments on its platform, although this may not happen for a long while yet, if at all.
As such, traders seeking big gains may prefer to invest in newer meme tokens which have more short-term potential, with several presale coins looking very promising right now.
For example PlayDoge (PLAY) is an Ethereum-based cryptocurrency that has already raised over $1.5 million in its sale.
Boom! Over $1.5 million raised LFG!
The more you play, the more you will earn. Keep your pet happy and watch your $PLAY rewards grow!
Join the #PlayDoge fam in the #Presale.
https://t.co/JT0VEofY4A#MemeCoin #BNB #P2E pic.twitter.com/4q3KQ9sToa
— PlayDoge (@PlayDogeGame) June 3, 2024
This figure is highly impressive given that PlayDoge launched its offering only last week, with the coin’s tokenomics and fundamentals quickly attracting investors.
On the fundamental side, PlayDoge will launch Doge-themed and Tamagotchi-style play-to-earn game, which will reward players for breeding, trading and completing missions with their own virtual dogs.
Seeing as how big games such as Tamagotchi and, more recently, CryptoKitties have been in the past, PlayDoge could, therefore, become very popular.
Also bullish is the fact that PLAY will be a deflationary meme token, with a max supply of 9.4 billion.
And given that holders can stake the coin, it could find itself in a supply squeeze very soon, pushing up its price.
Investors can join its sale by going to the PlayDoge official website, with 1 PLAY token costing $0.00502.
Because the coin’s presale has already been a big success, we could see this price rocket once it launches in the next month or so.
Visit PlayDoge Now
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