The Dogecoin price has dropped by 2% today, slipping to $0.119 as the cryptocurrency market as a whole faces a 1% loss in 24 hours.
DOGE holds onto a 12% gain in a week and a 22% increase in the past fortnight, although it is down by 5% in a month.
However, recent data shows that whales have begun accumulating the meme token again, underlining the possibility of a strong resurgence in the coming weeks.
Dogecoin Price: Whale Accumulation Hints at Major Rally Ahead
DOGE looks as though it’s ready to rebound vigorously after a few days of decline, with its indicators pointing to an imminent rally.
Its RSI (purple) has jumped from just under 30 yesterday to over 45 today, hinting at a steady return of buying interest.
More bullishly, DOGE’s support (green) and resistance (red) levels are moving towards each other, forming a pennant that often predicts a big movement.
Such a movement could go either way, yet the fact that the Dogecoin price is down in the past month would imply that we should see a recovery soon.
Recent transfers would support this view, with whales beginning to stock up on DOGE in the past 24 hours.
#Dogecoin whales have bought up over 60 million $DOGE in the last 24 hours! pic.twitter.com/53Z9gi0eFt
— Ali (@ali_charts) July 18, 2024
That whales are now buying DOGE would suggest that they expect the meme token to enjoy a rally in the near future.
Given that the coin remains 83.8% down from its all-time high of $0.7316 (set in May 2021), it has plenty of room to rise whenever the market reaches its next bull phase.
This may come at some point towards the fall, with experts expecting the Federal Reserve to introduce a long-awaited rate cut in September.
Cuts from the Fed and other central banks will boost demand and optimism, while the launch of Ethereum ETFs this month will do something similar, with all of this feeding into the Dogecoin price.
In the longer term, there’s still the remote possibility that X may introduce cryptocurrency payments at some point in the future.
Assuming this involves DOGE, it would be a massive, massive boost for the meme token, which arguably depends on such an eventuality if it wants to really beat the market.
For now, the Dogecoin price may reach $0.15 in a month and $0.2 by Q4.
New Meme Tokens for New Rallies
Because DOGE has a risk of underperforming, some traders may prefer to investigate alternatives, including newer tokens that could rally exponentially.
This also means presale coins, with the best of these often seeing double- or triple-digit percentage gains when they list for the first time.
One new token with lots of potential in this vein is The Meme Games (MGMES), an ERC-20 cryptocurrency that has just opened its presale.
It has already raised more than $160,000, with investors already beginning to jump on the token after only a few days.
What’s interesting about The Meme Games is that, aside from being another viral meme token, it also incorporates a social betting element.
Namely, it will run automated competitions between various meme characters, with holders able to stake their MGMES tokens on particularly means and earn 10% bonuses on top of their usual staking rewards.
This hook gives The Meme Games the potential to grow more quickly and sustainably than most other new meme coins, with its official X account already boasting over 14,000 followers.
This is highly impressive for an account that opened only a couple of weeks ago, with MGMES fundamentals and tokenomics likely a big part of its attraction.
As a token, MGMES will have a total supply of 2.024 billion, with 38% of this going to the presale, 10% going to staking and 9.3% going to games winnings.
Taken together, such features promise to make Meme Games one of the more interesting new launches of the year.
Interested investors can join its sale by going to the official Meme Games website and linking their crypto wallets.
They can buy MGMES at a price of $0.009 per token, although this will rise with each new stage of the sale.
Buy Meme Games Now
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