The Dogecoin price has barely moved in the past 24 hours, with its current level of $0.173 representing an 18% gain in a week.
Much of this gain has followed the news that major crypto-exchange Coinbase will launch DOGE-based futures on April 1, an announcement that has seen the coin’s trading volume rise from under $2 billion to over $3 billion in a couple of days.
DOGE is now also up by 100% in a month, with the famous meme coins also marking a 130% gain in a year.
Yet the announcement of DOGE futures points to a near future that could see the token’s volumes and price rise significantly, as more traders enter its market.
Dogecoin Price Prediction as Coinbase Prepares to Launch DOGE Futures – $1 Incoming?
DOGE’s chart is in an interesting position, insofar as its resistance (red) and support (green) levels are converging towards each other.
This implies that the Dogecoin price will either break out towards higher levels or face a further dump, with its rising RSI (purple) suggesting that a breakout is a touch more likely.
Source: TradingView
It’s also encouraging that DOGE’s price has climbed over its 30-day average (yellow), something which is likely to pull up the latter and put further distance between it and the 200-day (blue).
In other words, DOGE remains in the middle of an expansionary period, one which could see its price reach new yearly heights.
It will be helped by the aforementioned news that Coinbase will be adding DOGE futures next week, something which could herald a big rise in the coin’s volumes.
April 1st coinbase launches doge futures
it would be a shame if it front ran that launch
— Dyme (@CryptoParadyme) March 23, 2024
It continues to attract interest from large investors, as indicated by recent transfer data, and it’s possible that the ability to trade futures on Coinbase will only help it in this respect.
DOGE is also likely to benefit from the market’s return to growth, with the total cap of all cryptocurrencies rising by 3% in the past 24 hours.
As momentum returns to the market, and as we approach the next Bitcoin halving, positivity is likely to increase, with the Dogecoin price rising along with others.
DOGE may also receive help from Elon Musk and X, which continues to prepare for the launch of digital payments on its social network.
If X does bring DOGE payments to its platform, then the Dogecoin price will undoubtedly rocket.
Under this scenario it could certainly reach $1, while Tesla enabling DOGE payments may also help.
“Tesla will enable Doge payments at some point”
一 Elon Musk pic.twitter.com/CVDwUnW6XZ
— MyDoge Wallet (@MyDogeOfficial) March 23, 2024
If not, it will rise more modestly, potentially touching $0.3 by the summer.
New Meme Tokens May Rally Harder
DOGE continues to hold potential for future rallies, yet it’s arguable that newer meme coins may rise more aggressively this year.
This is particularly the case for new meme tokens that are holding their respective presales and looking to list on exchanges soon.
One such token is Dogecoin20 (DOGE20), an ERC-20 cryptocurrency that has raised over $8 million in its presale.
Think $DOGE might be getting a bit jealous! #Dogecoin20 #Memecoins #Altcoins #Cryptomemes #DOGE pic.twitter.com/Q3QMhqsh6f
— Dogecoin20 (@DOGE_COIN20) March 25, 2024
Not only is Dogecoin20 an Ethereum-based version of the original Dogecoin, but it also aims to provide stronger fundamentals and tokenomics than its namesake.
For one, it will operate according to Dogecoin’s ‘Do Only Good Everyday’ ethos, with the token providing regular transfers and support to charitable causes and community projects.
In contrast to Dogecoin (which remains a proof-of-work crypto), its use of Ethereum makes it a proof-of-stake token, meaning that it will use much, much less energy.
Aside from being more environmentally friendly, its tokenomics will be stronger, with the coin having a hard cap of 140 billion DOGE20.
This limited supply will combine with DOGE20’s staking system, which provides greater rewards to those who stake more for longer.
Utilizing Ethereum-powered smart contracts, #DOGE20 transcends its #Memecoin origins.
Empowering the #Crypto Community with passive rewards!
Optimize your $DOGE20 holdings by engaging in staking and earning rewards. pic.twitter.com/cTbZcfRJjO
— Dogecoin20 (@DOGE_COIN20) March 24, 2024
By incentivizing long-term holding, more DOGE20 will exit circulation, potentially pushing up its price in parallel.
This could make DOGE20 one of the most bullish new tokens of the year, with investors able to join its sale at the official Dogecoin20 website.
They can buy the coin at $0.000209 per token, in exchange for ETH, USDT or fiat currency.
And because DOGE20 has a capped supply (unlike Dogecoin), this price could rise massively once the token starts listing on exchanges.
Buy Dogecoin20 Now
The post Dogecoin Price Prediction as Coinbase Prepares to Launch DOGE Futures – $1 Incoming? appeared first on Cryptonews.