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Simon Chandler
Author
Simon Chandler
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The Dogecoin price has gained by 2% today, rising to $0.09742 as the crypto market as a whole loses 1% in the past 24 hours.
This move comes after the coin’s co-founder, Billy ‘Shibetoshi Nakamoto’ Markus, posted a jokey comment yesterday on X about the ongoing market negativity, declaring that he “can’t wait to lose more money.”
And with DOGE down by 3.5% in a week and by 8% in a fortnight, anyone who bought the meme coin within these timeframes almost has lost money.
However, the token is actually up by 2.5% in a month and by a healthier 52% in a year, and with traders looking forward to more positivity after September, it could easily see bigger gains soon enough.
Dogecoin Price Nosedives – Cofounder Speaks Out as Market Chaos Unfolds
Markus’ comment was fairly innocuous, yet it given that it was expressly about price movements, it received more of a response than many of his other tweets.
While his comment wasn’t specifically about Dogecoin, and more about the state of the market in general, it may possibly have helped lift DOGE in relation to market averages.
And as Dogecoin’s chart below shows, it seems to be regaining some momentum after a poor start to the week.
In particular, its relative strength index (purple) has risen from 30 yesterday to just over 50 today, and it seems like it’s still rising steadily.
Something similar applies to the coin’s 30-period moving average (orange), which after reaching a bottom is now inching up towards the 200-period average (blue).
This is a sign that we may be about to see a period of growth for DOGE, something also made likelier by the fact that the alt’s support (green) and resistance (red) levels are nearing each other.
Because the Dogecoin price is trading between an increasingly narrow band, we may see it break out in the next week or so.
And while its 24-hour trading volume is certainly very modest today at only $470 million (as opposed to upwards of $7 billion in March), the current lack of depth could mean that only one big buy would be enough to send the price surging.
It’s arguable that recent big transfers to exchanges represent whales getting ready to take advantage of incoming rallies, a possibly given some credibility by today’s rise.
And the arrival of rate cuts later this month could be the beginning of a more general turnaround, and in such a context the Dogecoin price could hit $0.15 by the end of October and $0.2 by November.
Newer Meme Tokens May Show More Positive Volatility
Because DOGE is something of a safer, more established meme coin, it may not witness any truly eye-watering climbs anytime soon.
So if traders want to gain more exposure to potential upside, they may have to look into newer coins, with presale tokens being one way of locking in big gains early.
And one such token that looks promising right now is The Meme Games (MGMES), an ERC-20 cryptocurrency that has raised more than $400,000 in its soon-to-be-ending sale.
Its sale will end in only three days, leaving latecomers with very little time in which to buy some MGMES early.
As a project, The Meme Games is exciting because of its social gambling element, with holders able to use MGMES to place bets on automated competitions between meme characters.
Holders who choose memes that win earn a 10% bonus on top of their base staking yield, something which provides a stronger than average incentive to hold MGMES.
Also incentivizing ownership and participation is the social aspect of betting on The Meme Games’ platform, which seems to have had a strong effect in growing the token’s online community.
In fact, The Meme Games’ official X account now has more than 15,000 followers, which is impressive for a token that hasn’t even launched.
MGMES will have capped supply of 2.024 billion, with 38% of this total going to the presale, 10% to staking and 9.3% going to games winnings.
Investors can join its sale by visiting the official Meme Games website, where they can buy MGMES at $0.0094 per token.
This price will rise once more (to $0.0095) before the sale ends, at which point its early popularity suggests it could surge.
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.
