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In the latest DOGE Price Analysis, 99Bitcoins unpacks how Dogecoin price rallied after unconfirmed Tesla rumors, and also explores how viral meme coin Dogeverse can 100X after raising over $13m in presale
Dogecoin has always been an interesting meme coin. It was among the first, but its foundation is even more intriguing. Proponents say it was the first meme coin. However, being a coin of this “infamous” category, Dogecoin has outlived expectations.
For the most part, meme coins disappear as fast as they launch. Not Dogecoin. It is a top-10 coin by market cap, perched at eighth, even more valuable than Cardano, Avalanche, and Toncoin—a multi-billion dollar project.
Dogecoin is also backed by some of the most influential people in technology. One of them is Elon Musk, the leader of Space X and Tesla – the self-branded ‘DOGE Father’.
Dogecoin Price Spikes On Tesla Integration News
In early May, DOGE’s price briefly surged by around +40%, breaking $0.15, based on rumors that Tesla, the electric car manufacturer, had begun accepting DOGE as payment for some of their products.
Customers wishing to purchase some products, Tesla directed, can look for the “DOGE” symbol on the order page.
While interesting, Tesla has not officially confirmed this integration. DOGE has since pulled back, reversing most of early May gains.
Looking at the DOGE price on the daily chart, it is clear that the coin is cooling off after briefly breaking above $0.20 in March.
(DOGEUSDT)
Dogecoin has since plunged by around 40%, finding support at $0.14, and has slipped below moving average support critically in the past 48 hours.
This suggests a retracement down to $0.12 could again be on the cards. For the uptrend to continue, stretching gains of early Q1 2024, there must be a conclusive close above $0.20 and the current bull flag.
DISCOVER: How to Buy Dogecoin in May 2024 – Beginners Guide
The Age Of Dogeverse: Over $13M Raised in Viral Meme Coin Presale
While Dogecoin price basks in the afterglow of fleeting Tesla support, the Dogeverse presale continues to gain traction.
The latest presale statistics show that the project has raised over $13 million. Going by recent trends, this could just be the beginning of this upswing.
Dogeverse offer better features that Dogecoin. Most importantly, it is the first multichain meme coin and will deploy on Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base, among other platforms.
Moreover, Dogeverse, unlike Dogecoin, supports staking, meaning presale investors can diversify income streams from capital gains and decent DOGEVERSE yields.
The Bottom Line: Expect A Meme Coin Showdown in Q2
The coming weeks will be crucial for both Dogecoin and Dogeverse. While DOGE prices hinge on Tesla and Elon Musk, DOGEVERSE depends on the community and its unique features.
Analysts say Dogeverse will likely receive more capital than DOGE because it is cheaper and feature-dense – providing a more lucrative opportunity to retail investors. To illustrate, DOGEVERSE investors can buy DOGEVERSE for just $0.00031.
If Bitcoin and Ethereum prices recover, it won’t surprise Dogeverse to surge by over 100X now that DOGE proved it won’t, even after the rally from October 2023.
EXPLORE: Dogecoin Decoupling From Bitcoin Price? As Market Dips Investors Flock to Dogeverse
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
