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Dogecoin was created as a fun and low stake alternative to the traditional Bitcoin. From its launch in the year 2013 to 2021, this coin was treated only as a meme and not to be taken seriously. This mindset changed when Elon Musk tweeted about Dogecoin. The coin’s price suddenly surged as the whole crypto community rushed in to invest in the coin. However, its price surge was short-lived and the thrill and interest of the community soon died out.
Dogecoin price prediction
The creation of Dogecoin is very much similar to that of Bitcoin, however, there is a fundamental difference between the two. While Bitcoin was designed to be scarce in supply with the idea to curb inflation by maintaining the demand and supply, Dogecoin was designed to be abundant in supply. The coin has a block time of 1 minute and there is no limit to its total supply. This means that one can mine as many Dogecoin as they want. This supply abundance of the coin means that the price of the coin will not surge if the demand does not exceed its supply. For this reason, the coin finds it challenging to rally at a higher level.
Dogecoin is currently trading at $0.0788. Yesterday, its price yesterday was around $0.799. This indicates a drop of at least 0.6% in the last 24 hours. The coin’s current market standing is now around $10 billion which puts it on the list of the world’s top 10 cryptocurrencies. While the max supply of the coin is not capped, its current total circulating supply is at 139 billion.
Dogecoin price technical indicators
Since January 2023, the coin has been fluctuating between $0.060 to $0.10. It has witnessed a few hikes but those were momentary and did not last longer to have any positive impact. At the end of April, the coin was trading at $0.0816 and now it has dropped down to $0.0788. This is a fall of nearly 3.43%. Its 24-hour graph offers an equally grim picture. The highest level recorded in the last 24 hours was $0.079, while the lowest level recorded was around $0.07766. Dogecoin’s price is at an average level of $0.0784.
The current movement is extremely bearish and the price is unlikely to make any positive changes in the next few weeks. Its 50-day simple moving average is around $0.081 and its 200-day moving average is around $0.0833. The downward shift of the 50-day SMA to fall below the 200-day SMA signals a long-term bearish trend in the market. The coin’s current price is also below the 200-day SMA which again signals a downtrend.
On the other hand, Dogecoin’s 14-day RSI is below 45, which technically indicates that more sellers are selling the coins than buying which will drive the price further down. The coin’s volatility rate is offering a similar picture to the other indicators. The volatility rate is currently at 5.89% which is considered highly volatile. Thus, all these technical data indicates is that it may not be a good investment option right now.
Meme coin investors look at these 3 coins
Dogecoin is seems to be losing its position as a top memecoin, as investors look at other fun coins with real utility and value. The top three alternatives based on our research are AiDoge, DeeLance, and ECOTERRA. All these new cryptocurrencies offer creative solutions to existing market issues and challenges. As a result, they are posing serious threat to traditional cryptos.
AiDoge
AiDoge is a meme coin which is aiming to provide real utilities to the token holder. It is bringing together two trendy words- memes and artificial intelligence. It will allow users to create memes with the help of AI. Users can easily give inputs to the AI and in return will receive relevant and fun memes. This platform can revolutionize the way people create content for social media. It can push the movement for crypto-backed content creation and circulation.
AiDoge has a native utility token which is known as $AI. It is an Arbitrum network-based token and thus has a standard of ERC-20. The tokens can be utilised to purchase credits and govern the AiDoge DAO. Users can also earn rewards and incentives by staking the $AI tokens.
Investors interested in this AI-powered meme coin can take advantage of its ongoing presale and be a part of this growing community. The presale has raised $749.8k out of its targeted $1.3 million. The price of one $AI is currently at $0.0000264. This will increase to $0.0000268 on the next stage of the presale.
DeeLance
DeeLance is a decentralized metaverse on blockchain technology. It will act as a platform for freelancers to look for recruitment opportunities and potential employers. The metaverse will have micro-communities of artists and freelancers who can connect and network. It will also provide an NFT-powered marketplace where people can buy or sell their creative works.
The platform’s native token is DLANCE. It will offer real utilities like token holders can buy services on the DeeLance marketplace, buy offices and land in the metaverse, lease offices in the metaverse, put up advertising banners, etc.
Investors interested in this crypto-powered recruitment platform can move early and be a part of this metaverse via its presale. Deelance has already acquired $569.5k out of $800k. The price of one DLANCE is now at $0.029 USDT. The price will soon increase to $0.033.
Ecoterra
ECOTERRA is a green cryptocurrency which is joining together cryptocurrency with positive actions for climate change. This ecosystem is built on blockchain technology and aims to change the way people think about climate change, recycling, and the environment.
The ecoterra ecosystem offers 4 unique features. The first is the Recycle-To-Earn application. Through this users can earn an amount of ecoterra through recycling actions. Second is a carbon offset marketplace. This will allow users to offset their carbon footprint to make a positive impact on the environment. Third, it will offer a marketplace where businesses can purchase sustainable and recycled plastic, glass, or aluminum. Lastly, it will allow users to have a trackable profile where they can track their actions and sustainable practices to improve their image.
Ecoterra presale is currently going on where the price of one ECOTERRA is at $0.007. The presale has so far collected $2.7 million. In 5 days, the presale will move to its next stage, and the price of one token will increase to $0.00775.
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