Dogecoin Price Analysis: Billionaire Mark Cuban Issues Meme Coin Warning – Should DOGE Holders Be Worried?

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

October 4, 2024

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The Dogecoin price has jumped by 5% in the past 24 hours, returning to $0.1087 as the cryptocurrency market repairs some of the damage from this week’s selloff.

Fears of wider conflict in the Middle East and the SEC’s appeal against Ripple had sent prices down earlier this week, but DOGE’s rally today has reduced some of the resulting losses.

The meme token is still down by 11.5% in the past seven days, but remains up by 12.5% in a month and by 78% in the past year.

This kind of longer term momentum is promising, yet Dogecoin holders may have seen a warning today from investor Mark Cuban, who has said in an interview that every meme token “is a rug pull in the works.”

Dogecoin Price Analysis: Billionaire Mark Cuban Issues Meme Coin Warning – Should DOGE Holders Be Worried?

Speaking on the Rug Radio podcast, Cuban explained his current view on meme tokens in terms of how “there’s no real reason for [a meme coin] to stick around other than the fun of it.”

In other words, once whales or a significant number of traders lose interest in a meme token, there’s nothing fundamental supporting its price, so it will inevitably decline.

Cuban’s statement is interesting insofar as the Shark Tank star has previously voiced support for Dogecoin, even describing it in 2021 as the ‘strongest’ cryptocurrency in the market as a medium of exchange.

Given the gap between this statement and his interview yesterday, it’s not clear whether Cuban still has a particularly favorable opinion of Dogecoin.

Either way, his remarks haven’t really impacted the Dogecoin price, which has indeed recovered after losses earlier this week.

Its indicators are showing more momentum right now, suggesting that DOGE may continue to recover over the weekend.

For example, its relative strength index (purple) has risen from 20 on Tuesday to just over 60 today, with space to rise further before we enter decidedly overbought territory.

We also see DOGE’s 30-period moving average (orange) creeping back up towards the 200-period average (blue), again signalling that the alt is entering a phase of recovery.

It’s encouraging in this respect that its 24-hour trading volume is relatively high at $1 billion, a sign of raised demand.

Assuming that things don’t get worse between Israel and Iran, we can therefore expect the Dogecoin price to recover to $0.15 by the end of this month, before reaching $0.30 by the end of the year.

New High-Return Meme Tokens

Assuming that Cuban is correct in his view that all or most meme coins have a limited shelf life, this would mean that traders should turn to newer alternatives if they’re chasing above-average and quick returns.

This includes newly launched tokens and also presale coins, which in best-case scenarios can rally big when they list for the first time.

Of course, not every presale coin will do this, but one example with a seemingly good chance is Flockerz (FLOCK), an ERC-20 token that has raised more than $400,000 since launching its sale a few weeks ago.

Flockerz is interesting because it’s a rare example of a vote-to-earn cryptocurrency, one which rewards holders for joining governance votes.

Every single decision concerning its growth and development will go to community votes, with the most active participants receiving the greatest rewards.

And as an ERC-20 coin, holders of FLOCK will be able to stake it for a passive income, on top of voting rewards.

This combination helps to explain why FLOCK’s sale is already attracting so many investors, and why it’s likely to gain more momentum as the coin nears listing.

It has a total supply of 12 billion FLOCK, with 20% of this going to the sale, 25% to staking, and another 25% to governance rewards.

Another sign of Flockerz growing popularity is that its Telegram channel already has over 2,000 subscribers, forming the basis of the community that will help support and boost the coin’s price once it launches.

Investors can join FLOCK’s presale by going to its official website, where they buy the coin at a price of $0.0056785.

Buy FLOCK Now