Dogecoin (DOGE), the cryptocurrency that powers the dog-meme-inspired decentralized crypto payments-focused Dogecoin blockchain, has been in the global headlines in the past few days, sending its price surging to its highest level since last December. Price predictions have thus become more bullish.
Behind the surge was Twitter CEO Elon Musk’s decision to replace the Twitter logo within the application/website with the picture of the Shiba Inu dog that functions as the Dogecoin logo.
Musk, who bought out Twitter last year and is mulling implementing crypto payments into a future Twitter-based payments system, is a known fan on Dogecoin, having touted the meme cryptocurrency’s benefits going back to 2021.
DOGE/USD has pulled back from earlier session highs amid profit-taking and was last changing hands in the $0.0950 area. But it was trading close to the multi-month highs it printed on Monday in the mid-$0.10s earlier in the session.
Dogecoin’s latest Twitter logo-fuelled pump has seen the cryptocurrency rally substantially above its major moving averages, all of which reside in the $0.075-0.08 area, and means DOGE is now around 50% up versus its mid-March lows in the $0.0630 area.
The latest pump also means that Dogecoin has now hit the bullish target (the early February highs in the $0.10 area) that technicians have been calling for since the cryptocurrency broke above its February/March downtrend late last month.
Prior to the latest pump, Dogecoin had been struggling to keep pace with a broader Bitcoin-led crypto market rally as a result of 1) worries about a US (and global) bank crisis and 2) bets that the Fed will soon end its rate-tightening cycle and begin rate cuts.
Price Prediction – Can Dogecoin (DOGE) 10x to $1.0?
Dogecoin can certainly remain supported in the near future so long as the cryptocurrency remains as the Twitter logo (increasing its fame) and speculation remains that it might be integrated into a future Twitter-based payments system remains.
If Bitcoin and other major blue-chip cryptocurrencies keep performing well, as they have been in recent months, that should also provide tailwinds.
But 10xing to $1.0 is a difficult call to make for Dogecoin in the short term. Recall when Dogecoin peaked in the $0.76 area back in May 2021 – cryptocurrency and stock markets were in the midst of a period of euphoria in wake of massive fiscal and monetary stimulus in wake of the Covid-19 pandemic.
While markets are increasingly betting that the Fed will embark on a rate-cutting cycle sometime later this year to combat an expected recession and to stave off a bank crisis, it remains far too early to expect the extent of stimulus seen in 2020/21.
That means Dogecoin bulls might need to be patient. While the cryptocurrency’s continued adoption and promotion by the world-famous Twitter/Tesla/SpaceX CEO Elon Musk should be Dogecoin positive in the long-run, it may be premature to bet on DOGE hitting $1.0 this year.
Love Hate Inu (LHINU) – A Dogecoin Alternative to Consider
The fact that Dogecoin is already so famous and well known and already has such a massive market capitalization makes 10xing from current levels more difficult. Investors might therefore want to consider investing in some lesser-known coins that potentially hold a better likelihood of seeing exponential gains.
A great new meme coin to consider is Love Hate Inu, a new dog-meme-inspired social media polling platform that has been taking the internet by storm in the last few weeks. To fund the development of its revolutionary vote-to-earn platform, Love Hate Inu is currently conducting a presale of its LHINU token.
The presale has been a huge success, with Love Hate Inu having already raised a massive $2.8 million and the presale already having entered stage 4.
Analysts at Cryptonews.com have ranked Love Hate Inu as the hottest presale of 2023 and many think the cryptocurrency could see big gains when it ICO’s later this year.
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