Dogecoin’s Price Spikes as Network Activity Grows – Can This Crypto Become Faster Than DOGE?

Once again, the whimsical world of cryptocurrency witnessed the undeniable influence of Tesla’s maverick CEO, Elon Musk, on the price of Dogecoin (DOGE). With a mere tweet that read “Doges ftw,” Musk set off a chain reaction in the market, propelling the popular meme-coin to new heights.

In the wake of his tweet, DOGE’s value surged over 4%, soaring from its previous position of around $0.069 to an impressive $0.072. The live Dogecoin price currently stands at $0.072145, accompanied by a substantial 24-hour trading volume exceeding $909 million.

This impressive surge has elevated Dogecoin to the 9th spot on CoinMarketCap’s rankings, boasting a live market cap of $10 billion. With a circulating supply of 140,249,776,384 DOGE coins and the maximum supply remaining undisclosed, the future of this quirky cryptocurrency remains a subject of fascination and curiosity among investors and enthusiasts alike.

An Overview of DOGE

Dogecoin (DOGE) is a unique digital currency born from the whimsical “doge” Internet meme, featuring the adorable Shiba Inu in its logo. Launched in 2013 as an open-source project, its creators aimed to create a lighthearted and fun cryptocurrency that could attract a wider audience beyond the traditional Bitcoin community, given its meme-inspired origins.

However, the true catalyst for Dogecoin’s meteoric rise came when Elon Musk, the influential entrepreneur and CEO of Tesla and SpaceX, began endorsing it on Twitter in early 2021. His Lion King DOGE meme tweet ignited a frenzy, causing Dogecoin to experience an astonishing surge in value, cementing its place in the world of digital currencies.

DOGE Price Action Notes

The current state of Dogecoin (DOGE) presents a crucial juncture for its future trend. Trading between key resistance and support levels, the reaction in this zone will be pivotal in determining the direction of its price. Before the recent price spike fueled by Elon Musk’s tweet, DOGE had exhibited weakness, unable to break out of the $0.06-$0.075 range it had been trading within for several days.

Ripple’s favorable outcome further influenced this price movement in its lawsuit against the SEC. Investors keep a close eye on the outcome as the market awaits the next move, knowing it could have significant implications for DOGE’s trajectory in the cryptocurrency landscape.

DOGE Price Action: Structural Levels

Over the past two years, DOGE has endured significant price fluctuations, as revealed by the daily time frame technical analysis. After attaining its peak value of $0.739 in May 2021, the cryptocurrency succumbed to a downward trend under a descending resistance line. This decline led to a low of $0.049 in June 2022. Subsequently, DOGE bounced back and started trading above the $0.060 horizontal support level, showing signs of recovery.

However, it has yet to overcome the long-term descending resistance line, which has persisted for 805 days. The price of DOGE has breached the resistant trendline and is currently consolidating in that region. Should there be a decisive upward move from this level, it is anticipated that DOGE might cross the $0.1 mark in the forthcoming days or weeks.

On the DOGE Chart, This is the Key Price Level
Over the past few days, Dogecoin’s price action has been closely observed on the daily chart. Despite a brief dip on June 10, where the price reached $0.05340, it managed to bounce back within the local support level of $0.06. The price has been consolidating around this level, indicating a period of stability.

The “minor resistance” level has become crucial to Dogecoin’s short-term bullish prospects. Should the price successfully breach this level, a rally toward $0.1 is possible, potentially reaching the major daily resistance zone. Traders and investors should closely monitor these price movements to make informed decisions about the cryptocurrency’s trajectory in the near future.

Doge Price Prediction by Experts

Based on a comprehensive analysis from various sources, including Changelly’s technical analysis, the price of Dogecoin in 2023 is expected to experience fluctuations within a specific range. Changelly projects the minimum anticipated cost at $0.0599, while the maximum level it can reach is $0.0661. The average trading price is expected to hover around $0.0722.

Additionally, Crytonewsz predicts a broader price range, with a potential maximum expected price of $0.18, an average price of $0.13, and a minimum price of $0.074.

Dogecoin has shown remarkable support, gaining traction after a significant rise earlier in the year. Coincodex forecasts a potential drop of -0.79%, reaching $0.069683 by July 25, 2023. Currently, technical indicators suggest a neutral sentiment in the market, while the Fear & Greed Index reveals a greed level of 56. Over 30 days, Dogecoin recorded 16/30 (53%) green days with a 3.34% price volatility.

Considering the Dogecoin forecast, this current state might be an opportune time for investors looking to buy Dogecoin. However, given the market’s unpredictable nature, caution and due diligence are essential for making informed decisions.

Launchpad XYZ Pre-Sale Surpasses 1.1 Million Users

Launchpad XYZ’s all-in-one web3 hub has garnered impressive momentum during its presale, raising over $1.1 million in just a few months through the successful sale of their native token $LPX. The startup is driven by its vision to revolutionize the web3 landscape, as outlined in its Whitepaper, by simplifying the complex and intimidating web3 space, thus making it more accessible to a broader audience.

In line with its mission, Launchpad XYZ is set to develop a user-friendly gateway that will serve as a seamless entry point to the finest blockchain projects. Through this innovative portal, users will have the power to self-custody their assets, ensuring heightened security and control over their digital holdings.

The startup’s ambition goes beyond mere facilitation; they aim to be an impartial platform, showcasing the latest and most remarkable experiences the web3 space offers. From the fascinating world of NFTs to the engaging realm of play-to-earn games, Launchpad XYZ envisions a space where cutting-edge technologies converge, empowering users to explore and participate in the ever-evolving landscape of web3 with ease and excitement.

Pre-Sale Activities for Launchpad XYZ

Launchpad XYZ’s presale is gaining significant attention as it offers $LPX tokens at an attractive price of $0.035 per token during its initial stage. Investors are eager to participate, especially as the price increases by 7% to $0.0445 on the cusp of reaching the $1.5 milestone.

As subsequent presale stages unfold, the $LPX price will steadily rise to $0.0565, the listing price on decentralized exchanges set for Q3 2023. This early investment opportunity will yield potential paper gains when $LPX is listed on various prominent exchanges.

The project’s credibility is bolstered by recognition from esteemed crypto news and analysis websites like Cryptonews.com, Business 2 Community, and Techopedia, solidifying Launchpad XYZ’s position as one of the top crypto presales of the year.

Features of Launchpad XYZ – Web3 Platform for All

Launchpad XYZ is an all-encompassing platform that revolutionizes the NFT landscape by offering diverse analysis, trading, and investment tools. Users can access fractionalized assets, utility tokens, and web3 presales through their decentralized and peer-to-peer NFT exchanges.

The platform’s trading terminal empowers users to explore the world of crypto assets. Launchpad XYZ provides a web3 wallet that allows immediate digital asset self-custody. Furthermore, it extends the experience into the metaverse and web3 gaming realms through its metaverse library and gaming hub, promoting play-to-earn opportunities.

By bridging the gap between Web2 and Web3, Launchpad XYZ aims to drive crypto mass adoption for brands, enabling them to harness the power of immutable contracts and validated data while delivering cutting-edge experiences.

Their visionary approach strives to onboard 10 million Web3 users, offering essential tools, knowledge, and access to aligned audiences within the current infrastructure.