Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The price of Dogecoin has seen minimal fluctuations over the last 24 hours, with its current value at $0.173, reflecting an 18% increase over the past week.
A significant portion of this increase has been attributed to the announcement that major cryptocurrency exchange Coinbase will introduce DOGE-based futures on April 1, which has resulted in the coin’s trading volume surging from below $2 billion to more than $3 billion within a few days.
DOGE has also experienced a 100% rise over the course of a month, with the well-known meme coin achieving a 130% increase over the past year.
However, the announcement regarding DOGE futures suggests a near-term outlook that could see both the token’s trading volumes and price increase substantially as more traders enter the market.
Dogecoin Price Prediction as Coinbase Prepares to Launch DOGE Futures – $1 Incoming?
The chart for DOGE is currently in a noteworthy position, as its resistance (red) and support (green) levels are converging.
This indicates that the price of Dogecoin may either break out to higher levels or experience a further decline, with its rising RSI (purple) hinting that a breakout is slightly more probable.
Source: TradingView
Additionally, it is promising that DOGE’s price has surpassed its 30-day average (yellow), which is likely to elevate the latter and create more distance from the 200-day average (blue).
In essence, DOGE remains in the midst of an expansionary phase, one that could lead to its price reaching new annual highs.
This will be bolstered by the previously mentioned news of Coinbase adding DOGE futures next week, which could signal a significant increase in the coin’s trading volumes.
April 1st coinbase launches doge futures
it would be a shame if it front ran that launch
— Dyme (@CryptoParadyme) March 23, 2024
It continues to draw interest from large investors, as evidenced by recent transfer data, and the ability to trade futures on Coinbase may further enhance this interest.
DOGE is also expected to gain from the market’s resurgence, with the total market capitalization of all cryptocurrencies increasing by 3% in the last 24 hours.
As momentum returns to the market and the next Bitcoin halving approaches, optimism is likely to rise, with the price of Dogecoin increasing alongside others.
DOGE may also receive support from Elon Musk and X, which is preparing to implement digital payments on its social media platform.
If X introduces DOGE payments, the price of Dogecoin will likely surge.
In this scenario, it could potentially reach $1, while Tesla’s acceptance of DOGE payments may also contribute.
Related Posts
“Tesla will enable Doge payments at some point”
— Elon Musk pic.twitter.com/CVDwUnW6XZ
— MyDoge Wallet (@MyDogeOfficial) March 23, 2024
If this does not occur, it may rise more gradually, possibly reaching $0.3 by the summer.
New Meme Tokens May Rally Harder
DOGE still holds potential for future surges, yet it can be argued that newer meme coins may experience more aggressive growth this year.
This is especially true for new meme tokens that are currently conducting presales and are set to list on exchanges soon.
One such token is Dogecoin20 (DOGE20), an ERC-20 cryptocurrency that has raised over $8 million in its presale.
Think $DOGE might be getting a bit jealous!
#Dogecoin20 #Memecoins #Altcoins #Cryptomemes #DOGE pic.twitter.com/Q3QMhqsh6f
— Dogecoin20 (@DOGE_COIN20) March 25, 2024
Not only is Dogecoin20 an Ethereum-based iteration of the original Dogecoin, but it also aims to offer stronger fundamentals and tokenomics compared to its predecessor.
For instance, it will adhere to Dogecoin’s ‘Do Only Good Everyday’ principle, providing regular transfers and support to charitable initiatives and community projects.
In contrast to Dogecoin (which remains a proof-of-work cryptocurrency), its use of Ethereum makes it a proof-of-stake token, resulting in significantly lower energy consumption.
Beyond being more environmentally sustainable, its tokenomics will be more robust, with a hard cap of 140 billion DOGE20.
This limited supply will work in conjunction with DOGE20’s staking system, which offers greater rewards to those who stake more for extended periods.
Utilizing Ethereum-powered smart contracts, #DOGE20 transcends its #Memecoin origins.
Empowering the #Crypto Community with passive rewards!
Optimize your $DOGE20 holdings by engaging in staking and earning rewards.
pic.twitter.com/cTbZcfRJjO
— Dogecoin20 (@DOGE_COIN20) March 24, 2024
pic.twitter.com/cTbZcfRJjOBy incentivizing long-term holding, a greater number of DOGE20 tokens will be removed from circulation, potentially driving up its price concurrently.
This could position DOGE20 as one of the most promising new tokens of the year, with investors able to participate in its sale at the official Dogecoin20 website.
They can acquire the coin at $0.000209 per token, using ETH, USDT, or fiat currency.
And due to DOGE20’s capped supply (unlike Dogecoin), this price could increase significantly once the token begins to be listed on exchanges.
Buy Dogecoin20 Now
The post Dogecoin Price Prediction as Coinbase Prepares to Launch DOGE Futures – $1 Incoming? appeared first on Cryptonews.
