On-chain data shows that the total number of Dogecoin millionaires has increased by 76% in the last month. The DOGE crypto meme is enjoying tremendous bullish momentum. Many investors therefore wonder: Can Dogecoin become worth 1 dollar?
Dogecoin price development: Can Dogecoin become worth a lot?
The Dogecoin price is currently worth $0.1641, which reflects a decline of 1.47% in the last 24 hours. The price has started a bull run since the end of February, along with other Doge meme coins, such as FLOKI and SHIB, with which DOGE has risen by 103.2% in a month.
Furthermore, data from IntoTheBlock shows that the Dogecoin price has a high correlation with the Bitcoin price, namely 0.95. Dogecoin is therefore significantly influenced by broader crypto trends.
The number of Dogecoin millionaires is skyrocketing!
The number of addresses holding more than $1m worth of $DOGE has increased by 76% in the last 30 days. There are now over 1000 Dogecoin millionaires. pic.twitter.com/3qzb0OGeUM— IntoTheBlock (@intotheblock) March 6, 2024
There have been $4.46 billion in transactions in the past week. Exchanges indicate that Dogecoin has more inflows ($593.32 million) than outflows ($463.24) and that the two have a significant difference.
Most Dogecoin wallets, currently 57.62%, are also “In the Money” (making a profit at the current price). Only 34.15% are currently “Out of the Money”.
Also late IntoTheBlock see that the number of Dogecoin millionaires has increased by 76% in the last 30 days. These are wallets with more than $1 million worth of Dogecoin. There are now more than 1,000 millionaires on the Dogecoin network.
Technical Dogecoin price analysis
Looking at DOGE’s technical indicators, we see a picture that points to consolidation before further volatile moves. Dogecoin is currently between the key support level at $0.1065 and the resistance level at $0.1792.
The Exponential Moving Averages (EMAs) are showing a positive trend, with the 10-day EMA ($0.1639) above the 50-day ($0.141) and 200-day EMA ($0.1059). This is a sign of short-term bullish momentum.
The Relative Strength Index (RSI) currently stands at a value of 51.34, which indicates that the price is now relatively neutral, which offers room for growth. The Moving Average Convergence Divergence (MACD) supports this neutral signal with a slightly negative -0.0002.
All signs point to consolidation, with a slight bullish undertone. If interest from crypto whales continues and can push the Dogecoin price above $0.1792, the next resistance levels will be at $0.2043 and $0.277.
However, if the crucial support at $0.1065 is broken, the price could fall further to $0.0589.
Doge meme crypto trend sees significant increases
At the end of February, a true Doge meme crypto rally emerged, with several meme coins experiencing significant increases. Meme coins like Shiba Inu, FLOKI and Dogwifhat have all risen more than 250% in the past month.
FLOKI and Dogwifhat are the biggest winners. FLOKI is up 732.33% in a month while Dogwifhat is up 835.9%. In addition to the Doge meme crypto trend, other important events for the crypto sector are getting closer.
For example, the next Bitcoin halving will take place in April. In the past, this has often been the starting signal of a new crypto bull run. So it’s possible that the bullish momentum surrounding Dogecoin will continue and that DOGE will soon break its old all-time high to reach $1.
Crypto altcoins that will benefit from the next bull run
Although the Dogecoin price looks very bullish at the moment, there are plenty of altcoins with strong fundamentals that are also ready to explode. Due to their smaller market capitalization, these increases are expected to be more explosive than DOGE. So investors can look to build a diverse portfolio with these altcoins.
Smog Token – Biggest Solana meme airdrop ever
Smog Token is a brand new crypto meme coin on Solana that aims to host the largest airdrop ever. The token was launched via a fair launch on the Jupiter DEX, meaning that all the tokens were launched at the same time.
To participate in the world’s largest airdrop, users must own tokens. Each token gives you more airdrop points depending on how long you hold these tokens. You can also earn extra points by completing assignments on Zealy.
Of the 1.4 billion $SMOG tokens, 50% are used for marketing. This is important to make the crypto sector aware of the token. Furthermore, 35% is used for the airdrop. The remaining 15% is retained for liquidity on central exchanges (10%) and decentralized exchanges (5%).
Sponge V2 – New variant of successful meme coin
Sponge V2 ($SPONGE) is a new variant of the meme coin that was previously very successful. Crypto investors who missed $SPONGE’s original 100x pump now have another chance to participate in a project that will explode.
The meme coin builds on a community of 30,000 members and has several new additions. An example of this is a new Play-to-Earn racing game that allows users to earn tokens.
So don’t hesitate to purchase the new 100x crypto. In total, more than $37 million in $SPONGE has already been staked. Connect your wallet and start earning 178% staking rewards.
PEEN – Get ready for market PEEN etration
PEEN ($PEEN) is the hardest meme coin of all shapes and sizes. Pump this meme coin into the sky and fuel the biggest blowout of 2024. The token has a total supply of 800813569 $PEEN and an initial market cap of $500k.
The goal of this meme coin is to explode to full market penetration at a market cap of $100 million. $PEEN will be launched via a fair launch where all tokens will be available at the same time. Don’t miss this new 100x crypto and buy $PEEN tokens now.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/doge-bestormt-top-10-cryptos-kan-dogecoin-nu-1-dollar-waard-worden-in-dog-meme-crypto-trend
