Is Dogecoin Headed for Trouble? DOGE Price Plummets as Competitor Raises $500,000
Investors are raising concerns about Dogecoin (DOGE), the largest and oldest meme coin, following its steep decline to slightly above $0.11, marking its lowest point since late February. Some are now turning their attention to a new competitor, which has garnered over $500,000 in its presale.
On Thursday, the price of DOGE fell by 6.5%, adding to weekly losses exceeding 10%.
Dogecoin is currently testing critical long-term support within the $0.1070-1130 range. A breach below this level could potentially push it below $0.10 in the short term.
Over recent weeks, DOGE has faced significant resistance at its 200-day moving average (200DMA), indicating ongoing bearish control over the market with downside risks prevailing.
Dogecoin: Is it Doomed or an Opportunity to Buy the Dip?
In the immediate future, DOGE faces downward price risks amid broader struggles in the crypto market. Bitcoin continues to experience selling pressure from miners and regulatory challenges, including potential pressures related to Mt. Gox.
However, labeling Dogecoin as “doomed” appears overly pessimistic. It remains the leader among meme coins, boasting its own decentralized network and a sizable community of enthusiasts, including prominent figures like Elon Musk.
Should crypto markets recover later in the year due to factors like Federal Reserve rate cuts and favorable U.S. political developments, Dogecoin could position itself for a significant rebound. There’s potential for the meme coin to achieve new all-time highs and possibly reach the elusive $1 mark in the years ahead, hardly a scenario fitting of a “doomed” label.
Can Dogecoin’s Competitor Offer Greater Returns?
Nevertheless, expectations for DOGE to deliver returns exceeding 5x appear unlikely, particularly when compared to the aspirations of many meme coin investors seeking gains of 50-100x.
For those seeking substantial returns, the strategy often involves identifying and investing in emerging meme coins before they gain traction. This explains why market analysts at Cryptonews.com closely monitor new meme coins.
One such coin drawing attention is the Wild West-themed play-to-earn (P2E) meme coin, Shiba Shootout (SHIBASHOOT). The SHIBASHOOT token has already secured approval for its P2E game on Google Play and the Apple App Store, with its launch imminent. Backed by blockchain technology, its presale has surged past $500,000, driven by predictions from experts like Michael Wrubel forecasting it as potentially the next 100x token.
To learn more about SHIBASHOOT and its growth prospects, interested parties can visit its official website.
Disclaimer: Cryptocurrencies are high-risk investments and this article is for informational purposes only. It does not constitute investment advice and capital loss is possible.