Is Dogecoin (DOGE) Set to Plunge, and Should XRP20 Be Your Fallback?

Updated: 05 August 2023

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Although the cryptocurrency market is currently experiencing low volatility, altcoins like Dogecoin are exhibiting a plunge. This may prompt investors to explore more promising alternatives like XRP20.

DOGE has corrected by more than 2.88% over the last seven days.

The token seems to be retracing its remarkable climb that started on July 23.

Dogecoin Ebb and Flow

The largest meme coin by market capitalization broke out on July 23 and gained even more value over the following three days.

This rise was considered impressive, given how lethargic DOGE has been since Shiba Inu (SHIB) entered the meme landscape.

The primary factor behind Dogecoin’s pump was SpaceX and Twitter CEO Elon Musk, also known as “Dogefather” among retail traders.

Following the tech billionaire’s decision to revamp Twitter’s branding to X, and his cryptic tweet connecting DOGE with X, the internet was rife with rumors of a DOGE-Twitter merger.

pic.twitter.com/dxbsqwcYv7

— Elon Musk (@elonmusk) July 25, 2023

DOGE prices quickly shot up as a result of the hype. The crypto market, after all, is known to respond in the heat of the moment with a buying rush.

Dogecoin miners were quick to profit from the surge. According to IntoTheblock, miners sold 130 million reserve coins over the week, amounting to almost $11.8 million.

A Series of Price Fluctuations

Here’s a timeline of DOGE’s ebb and flow in the run-up to its July resurrection.

April 3: Elon Musk makes the DOGE avatar into the new Twitter logo; DOGE prices shoot up 24% within 24 hours.
April 6: DOGE prices fall after a short-lived rally, and analysts predict violent correction.
May 14: Dogecoin witnesses a record plunge, with the entire crypto market tumbling down simultaneously.
May 25: DOGE records a 90% dive from its all-time high in May 2021, leaving investors underwater despite positive sentiments.
June 17: Dogecoin’s struggle to rally continues, with prices falling over 14.4% in 30 days.
July 25: DOGE revitalizes as one of the best-performing coins amidst DOGE-Twitter merge rumors.

What is Behind Dogecoin’s Latest Plunge?

DOGE’s price rise was never based on fundamentals. Like any other hype-driven surge, it was set to wear out inevitably.

As the excitement around Twitter’s rebranding fades, Dogecoin is set for a plunge again.

According to CoinMarketCap, the price of DOGE is $0.07615, with a 24-hour trading volume of $384 million at the time of writing.

The ongoing Dogecoin plunge represents a 10% decline from the July 25 intraday high of $0.083.

Traders anticipated this right from the start, considering that any breakout might not hold. Their sole motive was acting quickly to book early profits, so the Dogecoin price rally lasted only a short time.

Upon looking at the technical indicators, we discovered that Dogecoin is currently demonstrating a small bullish bias with an RSI of 57.72 and a MACD of 0.170. The currency is currently moving within a rectangular pattern formed by a support level of 0.06 and a resistance level of 0.09. A significant breakthrough of either of these levels will indicate a new direction for the token.

Our technical analysis of DOGE shows bullish behavior in the short and medium terms for the token.

While the Dogecoin price remains unstable, investors may think of more appealing alternatives like XRP20, which is performing well in its presale.

XRP20 as DOGE Alternative

XRP20, an Ethereum-based variation of XRP, is one of the most popular alternatives to DOGE that investors must look out for.

The project aims to rekindle the enthusiasm of the XRP army, who just saw the heights that XRP might achieve.

Anyone too late to the original XRP at its all-time low of $0.0028 can onboard the new XRP20 token at a 30-times lower price of $0.000092 in its presale.

The token distribution plan for $XRP20 has been carefully designed to maintain long-term viability and promote active involvement within the ecosystem.

100 billion tokens are available overall, of which 40% will be used for the presale, 40% for the staking pool, and the remaining tokens will be used for DEX liquidity and burn allocation.

Investors will find it even more tempting because of the stake-to-earn utility and deflationary mechanism to promote token rarity. The burning rate for all buying and selling transactions in XRP20 is 0.1%.

The presale will likely finish ahead of schedule, with over $400,000 raised from a low soft cap of $1.85 million.

The initiative has already amassed $655k and will continue until the token reaches its $1.8 million soft cap. It is likely to finish ahead of schedule at the current rate.

XRP20 is available for purchase in exchange for both ETH and USDT.

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