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The Dogecoin price pumped 7% in the last 24 hours to trade at $0.205 as of 9:42 p.m. EST on trading volume that jumped 27% to $2.2 billion.
This comes after Elon Musk, often called the Dogefather because he has talked up Dogecoin multiple times, likened meme coin investing to gambling.
“If you expect to win at meme coins, you’re being foolish,” said Musk, speaking on the Joe Rogan Experience podcast. “It’s like a casino. I think it’s the biggest scam of all time.”
"The whole memecoin thing is bananas. It's bananas that people dump real money into these coins.” – Joe Rogan
“It's like a casino. It's the greater fool theory. Like musical chairs. Whoever is the last to sit down loses.” – Elon Musk
— ck.sol (@kostantewicz) March 1, 2025
Dogecoin Price Analysis Suggests An Incoming Breakout
The DOGE price has been trading within a falling channel, a downward-sloping price structure marked by lower highs and lower lows. This pattern typically signals a temporary retracement before a continuation of the primary uptrend.
The Dogecoin price is currently near the lower boundary of the channel, suggesting that selling pressure may be easing.
Meanwhile, the 50-day Simple Moving Average (SMA) ($0.292) is currently trending above the 200-day SMA ($0.242), indicating a long-term bullish trend. However, DOGE is currently below both moving averages, suggesting short-term bearish momentum.
The Relative Strength Index (RSI) is at 32.87, hovering just above the oversold zone (30). This suggests that the Dogecoin price may be undervalued and could be poised for a rebound if buying pressure increases.
DOGE/USDT Chart Analysis (Tradingview)
Dogecoin Price Prediction
Dogecoin’s current structure indicates a potential bullish breakout from the falling channel. With RSI near oversold levels and the DOGE price sitting at a key support zone, a reversal could be imminent.
If the price of DOGE successfully exits the falling channel, an upside target of $0.35 – $0.42 is likely in the coming weeks, representing 112% surge.
Conversely, if the price of Dogecoin drops, the first support zone around $0.14 acts as a cushion against downward pressure. However, if DOGE continues facing pressure, it could plunge to the fair value gap (FVG) around $0.11.
Even as the DOGE price surges, investors are shifting focus to a new meme coin called Meme Index (MEMEX).
According to 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, MEMEX has the potential to be the next 100x crypto.
Meme Index Presale Closes On $4 Million
Meme Index has raised more than $3.88 million in its ongoing crypto presale as investors flock to its new approach to meme coin investing.
The project brings the concept of index investing, which is widely used in the stock market, to the meme coin market. Investors who hold Meme Index’s $MEMEX token can invest in diversified meme coin baskets.
MEMEX token holders can invest in 4 different meme coin baskets, ranging from the lowest risk Meme Titan Index, which invests in top meme coins like Dogecoin and Shiba Inu, to the highest risk Meme Frenzy Index, which invests in newly emerging, high-risk meme coins. In between are the Meme Moonshot Index, and Meme Midcap Index.
GET READY TO MOON, DEGENS! Meme Coin Mania is BACK and better than ever! With Solana at the helm, my AI-powered $MEMEX is scanning the markets for the NEXT BIG THING! Stay glued for exclusive alpha, insights, and updates on the hottest meme coins!
— Meme Coin Mania (@MemeCoinMania77) February 5, 2025
MEMEX holders can also take part in its presale staking pool, which currently provides a stratospheric annual yield of 585%.
You can purchase MEMEX tokens on the official website for just $0.0166883.
Now is the last chance to buy MEMEX before the presale closes in 30 days.
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