Dogecoin price rejection from highs around $0.0952 could spell doom for investors this week unless support at $0.075 remains intact. The largest meme coin, boasting nearly $ 11 billion in market capitalization is trading at $0.0786, down 3% on Monday.
Elon Musk’s most beloved cryptocurrency is up 18% this year alone, although it is worth mentioning that DOGE hit highs slightly above $0.1 early last month.
As the value of the meme continues to surge, investors are becoming more interested in whether it will ever reach the $1 milestone. Nevertheless, industry experts advise caution, as it may take some time to achieve this goal.
Is Dogecoin Destined to Hit $1 and When?
Although Dogecoin has generated a considerable amount of buzz, the chances of it reaching $1 anytime soon are uncertain, with experts offering divergent opinions on the matter.
While some analysts anticipate that social media hype and the connection to Elon Musk could push the currency’s price to $1 in the future, others are more skeptical.
That said, Despite the recent excitement surrounding Dogecoin, it faces an uphill task to hit the $1 benchmark.
Its lack of real-world applications and utility, combined with an inflationary supply and inability to generate its own price appreciation, make it improbable for the currency to achieve the approximately 1,100% increase required to reach $1.
One of the reasons why many analysts hesitate to predict significant future gains for Dogecoin is its lack of utility and purpose outside of being a means of exchange or a store of value.
The cryptocurrency was created as a joke and, despite its enthusiastic following, it is not widely used as a payment method. Also, its high volatility and lack of regulatory oversight in the larger cryptocurrency market make it a risky investment for many people.
Despite the obvious lack of utility, Dogecoin commands a massive following on different social media platforms, with Twitter leading with 3.7 million. According to a recent tweet by the project, Dogecoin is still decentralized, open source, and is not controlled by a single entity.
Unlike projects like XRP which are struggling to prove they are not securities, DOGE like Bitcoin is undisputedly a cryptocurrency. Dogecoin attracts investors for being affordable compared to BTC which is trading at $28,500 and Ethereum at $1,845.
Dogecoin Bulls Search for Support – Time to Buy?
Dogecoin price is trading at $0.07856 as bulls rush to defend support at $0.075. The meme token is holding below all the major moving averages, including the 50-day Exponential Moving Average (EMA), the 100-day EMA, and the 200-day EMA.
If Dogecoin price rebounds from support at $0.075 bulls will have another chance to push for gains above $0.1. Investors waiting for an opportunity for new buy entries should consider closely monitoring the Moving Average Convergence Divergence (MACD), as it may send a buy signal in the coming sessions.
The call to buy DOGE would manifest with the MACD line in blue flipping above the signal line in red. Also, the MACD will change direction above the mean line at 0.00 suggesting that buyers have the upper hand.
If support at $ 0.075 fails to hold, Dogecoin would be in grave danger of dropping to test the demand area as highlighted by the gray band on the chart around $0.065.
Buy Dogecoin Now.
AiDoge – A Dogecoin Alternative Advancing AI in Meme Generation
Gone are the days when meme coins were only about the hype, pump, and dumps. Creators of up-and-coming ecosystems like AiDoge are going the extra mile to launch meme coins that have utility and even help solve real-world problems.
This new meme coin, powered by AI, has successfully amassed $670,000 in its first stage presale. Currently, in the middle of its second presale stage, the price of AI tokens has climbed from $0.00002600 to $0.00002640.
The project plans to carry out 20 presale stages, and as the trend for AI meme coins continues to surge in popularity, the tokens are expected to sell out within a matter of weeks.
Potential investors are encouraged to take advantage of early bird pricing before the coin becomes unattainable.
While there are many AI cryptos in circulation, AiDoge is the first to introduce an automated meme coin generator.
This unique feature provides early investors with a strategic advantage, and the potential to become one of the biggest names in the crypto industry.
The past success of meme and AI coins, such as Conflux and Pepe Coin, further confirms the potential of AiDoge within the space.
As with OpenAI and its ChatGPT, the key to success within new technology is in adopting a valuable application and launching it promptly, which is exactly what AiDoge aims to achieve.
AiDoge offers a range of compelling benefits to users who stake AI tokens, including staking incentives and daily rewards.
Additionally, top-performing meme creators on the platform are granted exclusive access to premium features and voting rights, which allow them to participate in the governance of AiDoge.
With AiDoge’s user-friendly voting mechanism, every user can select the superior meme. The most popular meme, as determined by the platform’s voting system, will receive token rewards.
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