Dogecoin’s price surged by 6% in the last 24 hours, reaching $0.1806 following billionaire Elon Musk’s recent proclamation of “Dogecoin to the Moon” during a Q&A session yesterday.
The renowned meme-inspired cryptocurrency has experienced an 18% increase in value over the past week, a staggering 120% surge over the month, and an impressive 140% rise over the past year.
While these numbers indicate robust growth, Musk’s recent endorsement of Dogecoin underscores its potential for further appreciation should it garner continued support from the entrepreneur and his affiliated companies.
Given the increasingly bullish sentiment in the market in recent weeks, Dogecoin could potentially witness additional significant gains in the foreseeable future.
Amidst Billionaire Elon Musk’s declaration of ‘Dogecoin to the Moon,’ speculation arises: Is he reentering the market for Dogecoin? This prompts a reevaluation of the anticipated trajectory of Dogecoin’s price.
Elon Musk’s recent “Dogecoin to the Moon” declaration sparks speculation: Is he returning to the Dogecoin market? This prompts a reassessment of Dogecoin’s price outlook.
DOGE’s indicators maintain a bullish outlook, with recent upticks indicating further potential for the enduring meme token. The relative strength index (RSI) is climbing back to 70 today, following a slight dip to 65 a few days ago, signaling sustained momentum for the coin.
DOGE’s 30-day moving average (depicted in yellow) presents a highly favorable trend, notably surpassing the 200-day average (represented by blue). This indicates a robust growth phase for the coin. Additionally, the token’s trading volume has surged to approximately $4.6 billion today, up from $3.5 billion a week ago and a mere $400 million a month ago.
This surge in trading volume underscores a significant increase in demand for DOGE, largely influenced by the growing bullish sentiment pervading the broader market. Notably, today’s spike in trading volume can be attributed to Elon Musk’s comments made during his visit to Giga Berlin, Tesla’s manufacturing plant situated near the German capital.
Elon Musk at Giga Berlin today.
“When will I be able to buy a Tesla with dogecoin?”
“At some point I think we should enable that.” 😂🔥 pic.twitter.com/Suk7bifuHC— Sir Doge of the Coin ⚔️ (@dogeofficialceo) March 14, 2024
During his appearance, an audience member inquired whether it would be possible to purchase Tesla cars using Dogecoin, prompting Musk to respond, “At some point I think we should enable that.” He followed this with the declaration, “Dogecoin to the Moon,” eliciting applause from the crowd.
This statement had a noticeable impact on the market, leading to a significant surge in the Dogecoin price over the past 24 hours. There is potential for even greater gains in the coming months, particularly if X follows through on reported plans to introduce digital payments on its platform.
Consequently, DOGE could potentially reach $0.2 within the next few weeks, with a projected increase to $0.4 by summer.
There could be greater potential in newer meme coins.
Given that DOGE’s price gains are largely dependent on Elon Musk, some traders may opt to explore alternative meme coins. While the market is saturated with various new tokens, there are those with solid fundamentals worth considering.
One such example is Smog (SMOG), an Ethereum- and Solana-based coin that has surged by 32% in the past 24 hours alone. Since its listing on the Jupiter and Birdeye DEX aggregators in early February, Smog has witnessed an impressive increase of over 13,000%, making it one of the top-performing new tokens in recent times.
Smog’s ability to not only sustain but also augment its initial surge speaks to its broader appeal, with investors drawn to its unique tokenomics and design. Notably, Smog features a distinctive airdrop system that offers greater rewards to investors holding the most SMOG tokens. This setup incentivizes long-term holding, thereby bolstering the token’s price.
Furthermore, Smog’s staking system, which offers a substantial 42% Annual Percentage Yield (APY), provides additional motivation for long-term investors to hold onto SMOG tokens.
Let’s hear it once more! 📢
Say…
🐲 $SMOG!!! 🚀
— SMOG (@SMOGToken) March 12, 2024
Smog is engineered to rapidly expand its community, surpassing many of its competitors and counterparts. The coin incorporates a quest system, motivating users to undertake tasks aimed at bolstering its online footprint.
These tasks include engaging with the coin’s social media platforms and encouraging others to join, resulting in Smog’s Twitter account amassing over 39,000 followers.
These developments indicate the potential for significant success for SMOG in the forthcoming months. Investors can acquire the token via the official Smog website or through platforms like Jupiter or Birdeye. Furthermore, with additional listings anticipated, the potential for SMOG to soar even higher remains promising.
