Dogecoin Price Prediction as DOGE Dips Below $0.15 – Will SHIB Overtake Dogecoin?
DOGE has dipped by 1% in the past 24 hours, with the Dogecoin price slipping to $0.1398 on a day when the cryptocurrency market has struggled to move in any direction.
The meme token is now also down by 15% in a week and by 2% in the last 30 days, although it holds onto a decent 130% gain in the past year.
However, this latter percentage doesn’t match the 230% return posted by SHIB in the last 12 months, an underperformance that raises the possibility that Dogecoin may eventually lose place to its nearest rival.
Yet, with Dogecoin still boasting a bigger market cap of $7 billion and with the coin holding out for the possibility of DOGE payments on X, its position as the market’s largest meme token looks assured for now.
DOGE Price Dips Below $0.15 – Will SHIB Overtake Dogecoin?
While DOGE has fallen hard in the past few days, its underperformance has left it in a position where it’s due a rebound very soon.
Not only did its relative strength index (purple) fall below 20 over the weekend, but it failed to recover in the following few days and almost hit 20 again yesterday.
In other words, the market has been overselling it heavily in recent days, and given that it has fallen below not only $0.15 but also $0.14, the discount should prove too tempting for many buyers to resist.
It does also seem that DOGE’s 30-day average (orange) has reached a bottom and can’t really fall much further, implying that the coin will begin rising again soon.
The past few days have actually seen some big DOGE buys, with whales stocking up on the token again while its price remains relatively low.
🚨 🚨 200,000,000 #DOGE (28,790,166 USD) transferred from #Robinhood to unknown wallethttps://t.co/vkE6kqwdcI
— Whale Alert (@whale_alert) June 10, 2024
As such, DOGE remains on course to rebound in the next few weeks if not days, even if its gains haven’t been as vigorous this year as SHIB’s.
Because it’s a pure meme token with little in the way of its own fundamentals, it will largely depend on the trajectory of the overall market for its recovery.
And in turn, the latter will depend on macroeconomics, with some recent signs that rates may be cut in the US and elsewhere before long.
More distantly, X’s plans to introduce digital payments this year could eventually result in DOGE arriving on the social network.
Also Elon's X is expected to launch X Payments till mid this year, so somewhere around this Summer;
As soon as we get some hints about them applying for virtual currency licenses, that should narrate us into doge season this cycle;https://t.co/n3tRofxxpA
— mytaXBT (@mytaxbt) June 6, 2024
This would be a massive boost to the Dogecoin price, which may reach $0.2 in the next few weeks and possibly $0.8 by the end of the year if DOGE payments do hit X.
New Meme Tokens May Rally Harder
DOGE’s relatively weaker performance this year may stem from it being too well-established for its own good, with its best rallies and growth spurts now largely behind it.
This is arguably the case with meme tokens in general, which means that traders looking for the next big hit may be better off turning to newer meme coins.
While most such coins tend to come and go very quickly, one way of finding the tokens with the most potential is to look for successful presales.
And one meme coin that’s holding a promising sale right now is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has already raised over $1 million in its token offering.
https://twitter.com/BaseDawgz/status/1800769719982813379
DAWGZ will launch not only on the Ethereum blockchain, but also on Solana, Avalanche and BNB Chain.
This is bullish insofar as operating on multiple chains will widen its potential pool of investors and users, hopefully pushing up demand for the token over time.
As a meme coin, DAWGZ combines the tried-and-tested Shiba Inu memes that have already served so many coins well, with base jumping and extreme sports.
This seems to be helping to give the coin a wider cultural appeal, as indicated by its rapidly accelerating presale.
Its tokenomics also look very good, in that it has a max supply of 8.453 billion DAWGZ, with 20% going to the sale.
It will also enable staking, so that holders can a steady income from locking up their tokens.
The sale is aiming to raise a minimum of $8 million, at which point DAWGZ will list, first on DEXes and then on CEXes.
Investors can join the sale by going to the official Base Dawgz website, with 1 DAWGZ costing $0.00502.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
