The Dogecoin price has rocketed by 30% in the past 24 hours, after tech entrepreneur Elon Musk tweeted that that he would “get back on the meme grindstone soon”.
Taken as a potential indication that Musk will resume pumping DOGE once again, DOGE has now jumped by 50% in a week and by 57% in the last 30 days.
Such gains have come amid an increasingly bullish market, with Bitcoin ETF volumes causing a spike in buying across the market.
And with DOGE up by ‘only’ 55% in the past year (which has come almost entirely from this week), the meme token has plenty of space to mount further rallies soon enough.
Dogecoin Price Prediction as Elon Musk Says He’s Returning to the ‘Meme Grindstone’ – Can Meme Coins 100x From Here?
It’s entirely arguable that today’s surge has been a long time coming for DOGE, which the market had neglected and oversold in previous months.
Its RSI has accelerated beyond 70 in the past day, signalling rapidly growing buying pressure.
Source: TradingView
It’s the same thing with DOGE’s 30-day average (yellow), which has begun rising steeply, indicating a strong breakout for the meme coin.
Most bullishly of all, the coin’s 24-hour trading volume has shot up to $7.3 billion in the past few hours, from $300 million only a few days ago.
Other major tokens have exhibited this steep increase in volume, implying that the market has probably entered a full-blown bull market.
Yet DOGE has also received help from its old buddy Elon Musk, who has implied that he will begin doing things (however indirect) to support the meme coin’s price.
Fine, I will get back on the meme grindstone
— Elon Musk (@elonmusk) February 26, 2024
To be frank, Elon Musk tweeting memes doesn’t necessarily mean that DOGE is going to become a much stronger or useful token anytime soon.
Nonetheless, the market appears to have taken his tweet as a sign that now’s the time to begin investing in DOGE again.
61,615,366 #DOGE (7,922,974 USD) transferred from #Binance to unknown wallethttps://t.co/4sBNjrbgng
— Whale Alert (@whale_alert) February 29, 2024
It also seems that more than a few whales have used this interpretation, at least judging by recent transfer data.
Of course, DOGE doesn’t have much else going for it other than memes and hype, although its community continues to hold out hope that, one day, X will introduce crypto – and DOGE – payments of some kind.
While X has been applying for payments licenses in recent months, such an outcome is likely some way off.
Yet the Dogecoin price is likely to continue rising in the meantime regardless, potentially reaching $0.2 in the next few months.
Smaller Cap Meme Coins for Bigger Rallies
While DOGE enters overbought territory, some traders may already prefer to turn to newer, small-cap tokens that could rally aggressively as they list on new platforms.
One strong example of such a coin is Scotty the AI (SCOTTY), an AI-powered crypto-currency trading platform that recently launched its presale.
Presale Update!
ScottyTheAi has raised $1,000,000
Reaching another mile stone in early stages of presale.
Well on our way to closing out presale and heading for that $100M marketcap.
Congratulation to all the early #Scottydogs in presale
Buy Now:… pic.twitter.com/9Die3RDJAe
— Scotty The Ai (@ScottyThe_Ai) February 29, 2024
Despite running for only a few weeks, SCOTTY’s sale has already raised in excess of $1 million.
This is a strong signal that the market is quickly becoming very interested in the project, which will soon launch an AI-based platform for crypto traders.
There are two main products within its platform, Scotty Swap and ScottyChat.
Scotty Swap is a trading protocol through which traders can perform token swaps with each other, one which harnesses artificial intelligence-based tools to offer a more personalized and efficient trading experience.
On top of this, ScottyChat is a chatbot that can provide tailored advice and guidance on the market and cryptocurrencies.
It can provide price predictions and trade signals, while also offering portfolio recommendations and other help.
$SCOTTY marketing growing stronger. Millions of drink coasters and window stickers sent out through the USA. Looks like people are already starting to see them as telegram community members are posting pic’s. Here are a couple from Chicago and Indiana.
Join presale here… pic.twitter.com/ZRrC3gjv0y
— Scotty The Ai (@ScottyThe_Ai) February 26, 2024
As a token, Scotty the AI will have a max supply of 1,234,567,890, with 30% of this going towards the presale, and the rest going towards marketing, staking and trading liquidity.
Because it will be the utility token for the Scotty Swap and ScottyChat features, it will have considerable fundamental value, supporting its price.
Holders can also stake the token for a passive income, potentially making it a highly valuable token.
While SCOTTY hasn’t yet listed, interest investors can buy it by going to the official Scotty the AI website.
It’s currently available at $0.0063 per token, yet this price could rally strongly once it lists on exchanges later in the year.
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