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The Dogecoin price dropped 4% in the last 24 hours to trade at $0.095 as of 09:02 p.m. EST on trading volume that skyrocketed 67% to $467 million.
This drop in price happened despite Elon Musk hinting at a potential return of DOGE as a payment option for Tesla merchandise.
Your choice of #Dogecoin as a payment is completely satisfactory, fast network transfer, low fees, and the number of holders is over 7 million people, also the #doginals protocol will make the network flourish.#crypto #btc #eth #solana #ton #drc20https://t.co/Y0WkZ9dHak
— btc (@btc20242024) August 31, 2024
The announcement also comes just days after the Tesla CEO and billionaire successfully dismissed a June 2022 lawsuit accusing him of defrauding investors through a Dogecoin pump-and-dump scheme.
Musk’s hint to bring back Dogecoin as a payment option ignited speculation within the crypto community about the meme coin’s potential return to Tesla.
Can this help Dogecoin rebound?
Dogecoin Price Aims For A Bullish Reversal
The resistance around $0.114 allowed bears to gain control of the Dogecoin price, forcing the meme coin down within a falling channel pattern, according to data from GeckoTerminal. Still, the price of DOGE has formed a formidable support around $0.097, which suggests that the crypto could still soar from here.
As the price drops, DOGE now trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the bearish trend.
Moreover, the Relative Strength Index (RSI) trades downwards towards the 30-oversold level, currently at 32. This suggests that investors are actively selling the asset.
If the selling continues, the Dogecoin price could plunge further to the $0.0900 support zone, a solid cushion against downward pressure.
However, the RSI now shows that DOGE is highly undervalued, which may be seen as a buy signal by bulls. In such a scenario, the price of Dogecoin could soar above the immediate resistance levels at $0.10312 and $0.10614. It could then target $0.110.
Meanwhile, another meme coin by the name of Pepe Unchained (PEPU) is attracting more and more investors, as it aims to follow on its predecessor, PEPE.
An analyst from 99Bitcoins, a prominent crypto channel on YouTube, says PEPU is one of the best cryptos to buy now. He added that the crypto has 100X potential.
Pepe Unchained Presale Surges Past $11.4 Million, Races Towards $12 Million
Pepe’s latest and most improved version, complete with its own layer-2 chain on Ethereum, marked its one-month milestone by closing over the $8.8 million mark just two weeks ago. The presale has now surpassed the $11.4 million milestone and continues to amass a considerable following in the crypto market.
Pepe, from its launch, has maintained positive growth, as it continues to be in the top three list of the biggest meme coins in market capitalization.
However, Pepe is not without shortcomings. The token was originally built on the Ethereum blockchain and has long been confined by its layer-1 technology, which is highly characterized by network delays and rising gas fees.
Pepe is preparing to launch his own Layer 2 blockchain solution soon:
🧠 Instant bridging between ETH and Pepe Chain
🧠 Lowest transaction fees
🧠 100x faster transaction speeds compared to ETH
🧠 Dedicated Block ExplorerGet ready to join the future with Pepe Unchained! ⛓️🐸 pic.twitter.com/9gxNnddMyq
— Pepe Unchained (@pepe_unchained) July 18, 2024
Pepe Unchained is a token based on PEPE devising a plan to break free from his chains and embrace the future with Pepe Unchained. With the new ICO, Pepe Unchained leverages layer-2 blockchain technology to offer double-staking rewards.
The project is also set to tackle the scalability, speed, and efficiency issues that often plague meme coins deplyoed on layer-1 blockchains like Ethereum. As a result, Pepe Unchained enables investors to seize market opportunities with greater efficiency.
Token holders can also earn passively through the platform’s staking system, which offers 175% annual rewards.
You can buy PEPU tokens for $0.0094603 each. With a price hike in less than one day, you might want to buy the meme coin soon to lock in the best deal.
Buy PEPU from the official website here using ETH, USDT, or a bank card.
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