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Dogecoin Price Prediction: Fake Rumor Triggers Wild DOGE Swing, But This Meme Coin Presale That’s Gunning For Pepe’s Crown Keeps Heading North

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Dogecoin Price
Dogecoin Price

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The Dogecoin price edged down 0.7% in the last 24 hours to trade at $0.079 as of 07:06 a.m. EST, as its trading volume surged 88% to $1.038 billion.

This drop follows a false social media rumour regarding the demise of the well-known meme coin’s mascot, which stirred up the crypto community.

The post by the pseudonymous user TraderAguila on X shows a shared screenshot of a Telegram conversation in Japanese claiming that Kabuso, the dog associated with DOGE, had passed away.

At one point Doge surged 9%, with the post speculating that ”when an artist dies their artwork becomes 10x more valuable.”

Shortly after, the user deleted the post and made the account private, revealing that the screenshot was indeed fake. Eventually, the entire account was deleted.

The Dogecoin Price Forms A Bullish Pennant Pattern

Dogecoin Price Chart Analysis. Source. Tradingview.com
Dogecoin Price Chart Analysis. Source. Tradingview.com

The Dogecoin price has gradually increased from the $0.05 support level towards the $0.106 resistance. 

However, DOGE encountered resistance at $0.10, allowing bears to take control, forming a bullish pennant, and signaling a continuation of the bullish trend.

While the price has dipped below the 50-day Simple Moving Average (SMA), it remains above the 200-day SMA at $0.0725, supported by the golden cross at $0.0678.

The Relative Strength Index (RSI) shows a downtrend from 81 in the overbought zone to 35 below the 50 midline level, indicating significant selling pressure for the DOGE price.

The Dogecoin Price: Bulls Prepare For A Bull Rally

Due to the bullish pennant pattern, the Dogecoin price shows the potential for an ascent above $0.10. Sustained bullish momentum may propel prices beyond the $0.15 threshold in 2024. 

However, if the downward trend sustains, it could slip below the 200-day SMA, giving the bears the right to drive the price to reach the $0.061 support level.

Amidst the Dogecoin setback, SpongeV2 is garnering significant attention in the cryptocurrency sphere. Experts say that SpongeV2 is poised to take Pepe’s crown, offering its investors massive returns on investment.

SpongeV2 Crosses $4 Million, Aims For 100X Returns, Buy Fast

SPONGE V2 has attracted fresh capital to Sponge, with over $4 million being staked and bridged as the token aims to match the 100X return achieved by Sponge V1. 

Sponge V1 marked a great achievement by attaining a market capitalization of $100 million and securing listings on over ten centralized exchanges, including LBank, Toobit, CoinW, BTCEX, Poloniex, MEXC, Gate.io, Bitget, BitKan, and BitMart.

But SPONGE V2 presents the opportunity to buy and stake $SPONGE through the provided widget, enabling you to receive a bonus in V2 tokens.

Justin Sun Fuels The Sponge Bullish Momentum

Justin Sun, the founder of Tron, has been focusing on meme coins after expressing his interest in trading promising projects in a May 2023 tweet.

This move has generated positive momentum among investors and traders and Sun now holds $SPONGE worth in the region of $90k.  

Get Sponge Now, Stake, Play to Earn

Once you buy the sponge tokens, you must stake them to access the new optimized-for-gaming SPONGE V2 token. Over 4.5 million tokens have already been deposited and staked in the bridging contract. Once you stake, the tokens will undergo automatic bridging. 

Furthermore, you can engage in the play-to-earn (P2E) free and premium versions and use $SPONGEV2 tokens to buy extra game credits, increasing your opportunities to earn additional $SPONGE.

Jacob Bury, a crypto YouTuber with over 26k subscribers, is optimistic about the prospects of SpongeV2. In one of his latest videos, he predicts huge potential returns for SPONGV2 investors

To buy Sponge V2 tokens, visit the official SpongeV2 website and connect your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.

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