Dogecoin (DOGE) is pumping.
The world’s largest meme cryptocurrency by market capitalization, which is an independent decentralized crypto network in its own right, jumped another 10% on Tuesday, taking its weekly gains to nearly 15%.
Dogecoin has been pumping ever since Elon Musk’s rebrand of Twitter to X, which is touted to be an “everything” app akin to China’s WeChat that also offers users things like advanced and convenient financial services.
The reason Dogecoin is pumping is due to speculation that Dogecoin might somehow be implemented into a future X crypto-based payments solution, which could substantially increase the demand for and utility of the cryptocurrency.
Crypto markets are speculating about a Dogecoin integration due to the fact that Elon Musk has long been a big supporter and advocate of Dogecoin.
He frequently references the token on Twitter, is a self-proclaimed investor and even owns a Shiba Inu dog which the meme coin is based off of.
DOGE/USD was last changing hands on major cryptocurrency exchanges just above $0.08, more than 50% up from June’s lows in the $0.05s.
And, amid recent technical developments, price predictions are becoming substantially more bullish.
Price Prediction – Where Next for Dogecoin (DOGE)?
Dogecoin’s 10% surge on Tuesday has seen the cryptocurrency break to the north of two key resistance levels.
These include 1) a downtrend from the 2021 record highs and 2) the 200-Day Moving Average.
While a break above the 200DMA is always a good sign of a positive shift in near-term price momentum, the more important breakout is the move above the downtrend from the 2021 record highs.
This sends a signal that Dogecoin’s more than 2-year bear market may finally be coming to an end.
The most obvious bullish target is now a retest of 2023’s highs in the $0.10 area, which could mark quick gains in the region of 20% for investors who get in now.
But why stop at 20%.
If Dogecoin is going to find itself as an important part of a future X payments system, then a retest of last October’s highs in the $0.16 area is a decent possibility, which would mark gains of nearly 100% from current levels.
Alternative Coin to Consider – BTC20 (BTC20)
Billed as “Bitcoin on Ethereum’ and as an opportunity for members of the cryptocurrency community to purchase bitcoin at its 2011 price of $1, a new token called BTC20 has been garnering a lot of hype.
The tokenomics are designed to mimic bitcoin – a 21 million BTC20 token supply cap, with tokens to be released to BTC20 stakers (rather than miners) according to the exact same issuance schedule as bitcoin.
Some are claiming BTC20 is even better than bitcoin, given it runs on an ecofriendly, low energy consuming Proof-of-Stake Ethereum blockchain, rather than on an energy-guzzling Proof-of-Work chain like bitcoin.
As per the project’s whitepaper, BTC20 is looking to raise a minimum of $3 million, though this could rise to $6 million, via the sale of BTC20 tokens for $1 each.
With the project having already raised close to $2 million in just a few days, traders need to move quickly to secure their spot.
Buy BTC20 Here
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.
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