DOGE has edged up by a very slight 0.2% in the past 24 hours, with the Dogecoin price moving to $0.1652 as the crypto market as a whole gains by 0.5% today.
The meme coin is actually down by 1.5% in a week, yet its recent good fortunes mean that it sits on a 10% increase in a fortnight and a 17% gain in a month.
Such performance keeps Dogecoin in ninth position in the market cap rankings, with the token one step away from overtaking XRP, which has suffered in recent weeks.
And with DOGE also up by 125% in a year, it has enough longer term momentum to flip XRP in the not-too distant future.
Dogecoin Price Prediction as DOGE Approaches Ripple in Rankings – Can DOGE Overtake XRP?
DOGE’s chart has taken a dive after a small dip this morning, with the coin looking like it could fall a little further before rallying again.
Its RSI (purple) has fallen from 60 earlier today to around 45 as of writing, with its direction suggesting that it may drop lower.
Source: TradingView
At the same time, DOGE’s 30-day moving average (orange) has been comfortably above the 200-day (blue) for over a week now, yet it’s now beginning to decline towards the longer term average.
This would indicate that it may have begun a short- or medium-term period of decline, and could test its support level (green) before recovering.
What’s also disheartening is that the token’s 24-hour trading volume still remains relatively underwhelming, at $1.3 billion today compared to $2.5 billion less than a week ago and upwards of $8 billion in early March.
In other words, there’s a comparative lack of demand for DOGE at the moment, with the last big Dogecoin buy coming on May 9, when a whale took around $18 million in the token off Robinhood.
120,000,000 #DOGE (18,097,831 USD) transferred from #Robinhood to unknown wallethttps://t.co/KNChEN3268
— Whale Alert (@whale_alert) May 9, 2024
Nonetheless, the next few weeks could see a strong return for DOGE, particularly if the recently approved Ethereum ETFs invite a flood of demand when they launch in the next few weeks.
More generally, Dogecoin looks promising insofar as it continues to hold its place as one of the biggest and most popular meme tokens in the market.
There’s also the possibility that X, which plans to launch digital payments this year, will introduce crypto and Dogecoin payments in the not-too distant future.
If this happens, there’s little doubt that the Dogecoin price will rocket, potentially breaking its ATH of $0.7316 in the process.
For now, it could hit $0.2 in the next month or so.
New Doge Tokens May Have Stronger Potential
While Dogecoin is likely to remain a big fixture of the cryptocurrency market for years to come, its well-established status could mean that it doesn’t really make any staggering gains anytime soon (unless we do see DOGE payments on X).
As such, traders chasing above-average returns in the near term may prefer to look at newer tokens, with a range of promising meme coins currently holding their presales.
A prime example of this is PlayDoge (PLAY), an Ethereum-based cryptocurrency that will launch its own play-to-earn game once its sale ends.
PLAYDOGE I CHOOSE YOU!
Buy $PLAY tokens in #Presale now! #PlayDoge #MemeCoin #P2E #Pokemon #BNB pic.twitter.com/KmuUQEoE7f
— PlayDoge (@PlayDogeGame) May 28, 2024
It launched its presale a few days ago and has already raised $250,000, an encouraging sign that investors are already taking a shine to the project.
What’s exciting about PlayDoge is that it’s basically launching a Doge-themed and play-to-earn version of the famous Tamagotchi game, which took playgrounds by storm in the late Nineties.
Not only will users be able to raise their own Doge’s in the game, but they will also be able to take their creations on side-scrolling adventures and missions.
This is where the opportunity comes to earn PLAY, with the token having a max supply of 9.4 billion tokens.
30% of this supply will go the presale, while 20% is allocated to community rewards, 6% to staking, 11.5% to liquidity, and 32.5% to marketing and project funds.
Holders of PLAY will also be able to stake the token, thereby earning themselves a passive income.
Taken together with its utility as the native token of a P2E game, such tokenomics may PLAY highly promising.
Investors can join its sale at its official website, where 1 PLAY currently costs $0.00451
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