The price of Dogecoin (DOGE) has dropped by 1% in the past 24 hours, with its fall to $0.072064 coming as the cryptocurrency market as a whole suffers a 1.5% decline.
DOGE has also fallen by 1% in a week and by 20% in the past month, although its latest slip sees its 24-hour trading volume rise above $250 million, a move which could point towards a recovery bounce.
Given just how oversold Dogecoin is right now, it’s arguably a good time to buy it, particularly when the current trend for meme tokens could mean that DOGE becomes fashionable again soon enough.
And with the idea of Twitter introducing DOGE payments still remaining plausible, the original meme token could indeed rally substantially in the not-too distant future.
Dogecoin Price Prediction as $250 Million Trading Volume Comes In – Time to Buy?
DOGE’s technical indicators are in an in-between position at the moment, with its relative strength index (purple) seemingly on the way down, having dropped 50 earlier today.
At the same time, its 30-day moving average (yellow) is moving very close to its 200-day (blue), with a golden cross potentially signalling a breakout.
That a breakout could come in the not-distant future is also supported by DOGE’s support level (green), which has been rising over the past few days, showing that the meme token is consolidating around higher levels.
This consolidation comes despite the impression that whales are mostly selling (rather than buying) DOGE at the moment, with Dogecoin Whale Alert highlighting a number of relatively large transfers to exchanges in recent days.
While this may indicate further drops to come, these transfers can flipped around and used to suggest that now is a very good time to buy DOGE, given how undervalued and oversold it is right now.
Now also happens to be a good time for meme tokens, with a number of new altcoins — such as PEPE and SPONGE — helping to establish a demand for meme-focused cryptocurrencies.
This could end up translating into gains for DOGE somewhere down the line, particularly if coins such as PEPE lose steam and traders return their attention to more established meme tokens.
Of course, DOGE’s status as a meme token means that it doesn’t really have much going for it in terms of fundamentals, even if supporters such as Elon Musk have argued that it’s more useful for payments than Bitcoin, for instance.
That said, there remains hope that the Musk-owned may eventually introduce Dogecoin payments at a distant point in the future, as suggested by reports from inside sources that emerged in January.
However, some people within the Dogecoin have reacted negatively to Twitter’s appointment of a new CEO, NBCUniversal’s former chair of advertising sales, Linda Yaccarino.
For some, Yaccarino’s appointment signals a moving away from cryptocurrency and Dogecoin, although others have disputed this, noting that Yaccarino follows a number of DOGE-related accounts on Twitter.
As such, only time will tell if DOGE payments become a reality on Twitter, but if they do, there’s no doubt that the meme token will rally massively.
AiDoge May Have More Potential Right Now
Given that DOGE continues to rest its hopes almost entirely on Twitter, it could be argued that many traders may find it more worthwhile to invest in newer altcoins and meme tokens that are showing more potential.
This includes presale tokens, with the best of these potentially offering investors the chance to make significant profits when their sales end and they list on exchanges.
One of the most promising of these is AiDoge, an AI-powered meme-generating platform that has already raised over $8 million since the offering for its native token $AI began at the end of April.
Running on Ethereum, AiDoge’s platform uses advanced AI algorithms and large datasets to generate memes, with users simply having to enter short text-based descriptions.
The platform also has a community element, in that users can upvote and downvote created memes, with the highest-ranked creations earning rewards — in $AI — for their authors.
$AI can also be used for staking and for paying to use AiDoge’s meme-generating features, meaning that the altcoin has genuine utility, beyond being a Doge-referencing meme token.
Investors can join its presale by visiting AiDoge’s official website and connecting their wallets, before using ETH, BNB, USDT or fiat currency to buy $AI.
1 $AI currently costs $0.0000304, which will rise to $0.0000308 during the sale’s 13th stage (out of 20).
AiDoge’s platform is due to launch in the fourth quarter of the year, with the presale ending in the third quarter, when $AI will list on exchanges.
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