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The leading meme cryptocurrency, DOGE, seems to be experiencing a more significant decline compared to other top twenty cryptocurrencies by market capitalization, despite its overnight trading volume reaching $5 billion.
As per data from CoinGecko, DOGE has decreased by 4.6% in the past 24 hours, trading at $0.1213. This follows a week-long surge that saw its price increase by as much as 45%.
Indeed, among the largest cryptocurrencies by market cap, Dogecoin is undergoing the most substantial correction. Market leader Bitcoin (BTC) has only dropped 0.4% overnight, while Ethereum (ETH) has seen a decline of 1%.
With nearly all major cryptocurrencies experiencing price reductions today, many are questioning whether Bitcoin’s remarkable rally, which briefly pushed it above $63k yesterday, is finally losing momentum.
The only other meme coin within the top five to experience a price drop today is DOGE’s nearest rival, Shiba Inu (SHIB), which has fallen by 2.5% to trade at $0.000013 as of this moment.
Prices across the market have been rising throughout the week as institutional investments have continued to flow into Bitcoin following the mid-January introduction of spot exchange-traded funds (ETFs).
ETFs allow investors to purchase a product that directly mirrors the price of Bitcoin, which many consider a preferable alternative to the known risks associated with directly holding Bitcoin.
$10 DOGE?
A brief look at DOGE’s chart indicates that the coin has reached levels not observed since November 2022.
Given such a swift rise, a correction seems likely; however, with a current Relative Strength Index (RSI) of 50, DOGE appears to be reasonably valued at this stage.
Source: TradingView
The leading meme coin is expected to continue following the price trends of Bitcoin and Ethereum throughout the spring.
In addition to the excitement surrounding ETFs, the anticipation of Bitcoin’s forthcoming halving is also influencing prices.
On April 19, the rewards for miners’ Bitcoin blocks will be halved, resulting in a reduction in the issuance of new Bitcoin.
Historically, halvings have led to price increases as demand for Bitcoin generally remains steady amid the supply reduction.
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With ETFs recently launched, institutional interest in Bitcoin has surged, suggesting that the upcoming halving may not differ from previous halving events.
In any event, a $10 DOGE seems highly improbable, but there is optimism that the Doge Army can elevate their favored coin to $1 before the year concludes.
How About $10 SMOG?
Dogecoin, Bonk, Pepe, Shiba Inu… The recent performance of the leading altcoins in the market highlights the whimsical volatility still present in crypto investments.
Meme coins often leverage the cultural significance of their underlying memes. Why are dog-themed meme coins so popular? Because the internet adores Doge, and so do its crypto-holding enthusiasts.
In a market where a single well-timed tweet can lead to astonishing intraday gains, having a recognizable avatar is crucial.
That said, when a project merges a compelling meme with solid fundamentals, it positions itself for potentially explosive returns.
Smog (SMOG) serves as a prime example. The token, based on Solana and Ethereum, was listed a few weeks ago on the Jupiter and Birdeye DEX aggregators.
It has increased by 15% in the last 24 hours alone and has surged over 2,500% since its listing. Many potential buyers are attracted by the token’s airdrop mechanism.
The protocol offers substantial rewards for investors who can retain more of their SMOG tokens over time.
Approximately 1.4 billion SMOG—35% of its total supply—is designated for future drops. SMOG’s staking system provides yields of 42% APY to encourage individuals to hold onto their tokens.
Users can also complete various tasks to earn additional credits for the coin’s airdrops.
The token is available for trading on Jupiter or Birdeye, or through the official Smog website.
Will SMOG surpass the numerous dog-themed meme coins and rise to the top, or will we witness a $10 DOGE?
No one knows, but if you wish to support SMOG, you can Buy SMOG Here
The post Dogecoin Price Prediction as DOGE Sees $5 Billion Flood In – $10 DOGE Possible in 2024? appeared first on Cryptonews.
