Dogecoin (DOGE) price predictions remain uninspiring, despite an uptick in trading volumes to above $400 million in the past 24 hours.
The Dogecoin price was last changing hands just above $0.08, with the 21DMA at $0.0809 acting as a magnet.
As per CoinGecko, 24-hour trading volumes for the world’s largest meme coin by market capitalization was last around $400 million.
That’s a jump from trading volumes seen towards the end of last week.
Between Thursday and Sunday, Dogecoin didn’t clock daily trading volumes of more than $300 million, as per Yahoo Finance data.
The uptick in Dogecoin trading volume comes as the broader market picks up.
Bitcoin (BTC) hit two-week highs near $44,000 on Tuesday as concerns about Grayscale selling fade and bullish bets return.
Ether (ETH) pushed into the upper $2,300s as major UK bank Standard Chartered predicted a potential rally to $4,000.
Spannender Ausblick von Standard Chartered, einer globalen Finanzgröße: Sie erwarten die Genehmigung von den Spot Ethereum ETFs am 23. Mai.
Interessant dabei: Sie sehen ein Preisziel von $4,000 für ETH, angelehnt an die BTC-Entwicklung vor dessen ETF-Start. https://t.co/GkbIg15Fga pic.twitter.com/pm6ITjvARI
— Hoss (@hoss_crypto) January 30, 2024
Other altcoins have been doing even better, with the Solana (SOL) price up over 25% in 7 days, as per CoinMarketCap.
But while the Dogecoin price is up around 10% from its 2024 lows under $0.075, its price action remains subdued.
Since breaking below its Q3 2023 uptrend in early January, the Dogecoin price has been languishing in a downtrend.
The 50DMA and downwards trendline coincide around $0.087.
For Dogecoin price predictions to turn more bullish, Dogecoin would need to pop above this resistance zone.
Dogecoin Price Prediction – Is $1 DOGE Possible?
Dogecoin’s very short-term outlook remains downbeat thanks to technicals.
But assuming that the broader crypto bull market continues, dips probably won’t last too long or be too deep.
Indeed, as risk appetite across the crypto market increases this year in wake of spot crypto ETF approvals, the Bitcoin halving, a rate-cutting cycle from the Fed and potential political and fiscal tailwinds in the US on election year, Dogecoin is a good candidate to perform well.
That’s particularly true in light of the fact that Dogecoin largely failed to keep pace with Bitcoin and Ether’s big price pumps in 2023, meaning that Dogecoin might represent a comparatively favorable value bet.
Dogecoin briefly reached a market cap of $82 billion in 2021.
Assuming the cryptocurrency can surpass this level in 2024 or 2025, DOGE stands a chance of reaching $1.
There are currently around 142 billion Dogecoins in issuance, meaning DOGE would have to reach a market cap of $142 billion for each token to be worth $1.
Dogecoin price bulls will be hoping that Elon Musk’s X helps DOGE on its path to $1.
X is teasing the launch of a new payments platform.
Musk, a long-time Dogecoin supporter, has teased that Dogecoin could play a role in X’s future payments system.
Dogecoin could be a strong investment choice for 2024.
Better Meme Coin Alternative to Dogecoin
Dogecoin’s bloated market cap means it is a highly risky bet, with limited upside potential and big downside risk.
All meme coins are risky, but some up-and-coming project’s at least offer a strong possibility of 100x gains.
One such project that has been closely followed by analysts at Cryptonews.com is Sponge V2.
Sponge V2 is the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x.
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
Around $4 million worth of $SPONGE tokens have already been staked and are gaining an APY of over 300%.
Huge milestone alert, #SPONGERS!
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14!
Our holders are enjoying an impressive current APY of +250%.
Join us and absorb the damp!! #SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game racing game.
Hype surrounding Sponge V2 has driven significant gains in the price of the original Sponge token in recent weeks.
At above $0.0006, $SPONGE is up over 4x versus its November lows, as per DEXTools.
Stop playing….start absorbing
We’re gunning for top spot $SPONGE #SpongeV2 #DOGE #PEPE #FLOKI #BONK #Crypto pic.twitter.com/uv0Ezshl8g
— $SPONGE (@spongeoneth) January 26, 2024
At a still tiny market cap of $15 million, the meme coin has a lot of potential upside as traders keep flocking to Sponge V2.
The post Dogecoin Price Prediction as Daily Trading Volume Surges Past $400 Million – $1 DOGE Possible? appeared first on Cryptonews.