In a period where the largest cryptos such as Bitcoin and Ethereum, but also Solana, have to accept significant losses (declines of 2.80%, 5.54% and 8.81% respectively over the past week), the largest meme coin of the world to increase by more than 14%.
However, DOGE’s current rise may only appear to be the start of a sustained rally. Several traders already predicted that DOGE would make continued profits because it completed a ‘Three Wave’ correction in early March.
Bluntz, an analyst who previously predicted the bottom of Bitcoin, indicated that the completion of this correction was the start of a continued rally for the world’s largest meme coin. His analysis even indicated that the token could rise by more than 50% to a value above $0.24.
$doge finally looks ready to rip higher again, nice big fuck off long drawn out abc down on the usd and btc pair after that initial feb impulse pic.twitter.com/54ni6jqYVw
— Bluntz (@Bluntz_Capital) March 20, 2024
Whales Invest Massively in Dogecoin
This upward rally of Doge has not gone unnoticed among major investors, also known as whales. Data from IntoTheBlcok indicated that there has been a whopping 600% increase in DOGE transactions larger than $1 million over the past month.
Dogecoin whales are active! The number of $DOGE transactions larger than $1 million increased by more than 600% in the last 30 days! pic.twitter.com/6yrgnta9Da
— IntoTheBlock (@intotheblock) March 21, 2024
Dogecoin whales recently purchased 25 million DOGE tokens over a 72-hour period, equivalent to a value of $3.75 million. An increase in whale activity is normally a sign of a bullish trend in the crypto market. Many are wondering whether DOGE can rise to $1 due to its current momentum.
Dogecoin Technical Analysis: Can Dogecoin Become Valuable?
It’s no surprise that Dogecoin’s technical indicators are also looking positive after its recent gains. Although the MACD histogram still gives a sell signal with a value of 0.0092, the RSI is in more bullish territory with a value of 60.10.
At the same time, DOGE has now moved above all of its major moving averages, both the short-term 10-day and 30-day EMAs and the long-term 50-day and 100-day EMAs. This is a clear indicator that the token can continue its rise.
Now that DOGE has started its way up, it will encounter its first major resistance level at $0.1794. The moment it manages to surpass this level, the doors open for a rise towards the $0.24 that Bluntz predicted. From that point on, the symbolic $1 is also getting closer, although it will probably be difficult for Dogecoin to reach this level in 2024.
Dogecoin vs Shiba Inu
In addition to Dogecoin, Shiba Inu also recently experienced a miraculous resurrection. Shiba Inu increased by more than 190% in the last 30 days. Both meme coins have therefore made significant gains in the past period, Dogecoin also rose by more than 105% over the past 30 days.
Shiba Inu has clearly done better than DOGE over the past month, but seems to be lagging behind at the moment. Shiba Inu rose only 1% over the past 7 days and this is a possible sign that Shiba Inu’s biggest gains are behind us as DOGE is already up almost 15% over the same period. It therefore does not appear to be Shiba Inu that will challenge Dogecoin in the short term, but a new DOGE alternative has appeared on the market that may be able to do this.
Dogecoin vs Dogecoin20
Although Dogecoin is currently in very good shape, new crypto has recently appeared on the market that may well challenge DOGE. This alternative has Dogecoin20 and is a more sustainable and secure alternative to Dogecoin.
Dogecoin20 uses the same concept as Dogecoin, both have a Shiba Inu dog as their mascot. However, Dogecoin20 has developed its project on the Ethereum blockchain and therefore uses the Proof-of-Stake concept. This makes Dogecoin20 a lot more environmentally friendly and at the same time it can also benefit from the well-known security of the Ethereum blockchain.
#DOGE20 isn’t just another Shiba Inu-inspired derivative.
Upholding Dogecoin’s ethos to Do Only Good Everyday, it offers passive rewards through on-chain staking.
Embracing a greener, more sustainable future with the most widely loved #Memecoin in the world! pic.twitter.com/zqlONodRPB
— Dogecoin20 (@DOGE_COIN20) March 14, 2024
Dogecoin20 puts its community first and users are also able to earn passive income through staking thanks to the Proof-of-Stake concept. Even though the crypto presale of this token is still in full swing, users can already start staking. This will significantly reduce the sales pressure at launch.
Dogecoin20’s crypto presale has already raised more than $7.7 million. This once again confirms the popularity of this new alternative to Dogecoin. DOGE20 tokens currently only cost $0.000208 each, but this price will increase within 2 days. Investors will therefore have to be quick to take advantage of the current discounts of this new crypto project. Tokens can be purchased via ETH, BNB, USDT or credit card.
Disclaimer: This article contains insights from independent authors and is not part of the editorial content of BitcoinMagazine.nl. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/600-toename-whale-activiteit-doge-gaat-dogecoin-naar-1-dollar-of-kan-dogecoin20-veel-waard-worden
