After a particularly volatile few months, Dogecoin is facing bearish sentiment from many analysts. However, new meme coin AiDoge is being backed for a bright future after raising over $1m during its presale. Dogecoin remains the world’s largest “meme coin” per CoinMarketCap, boas...
- After a particularly volatile few months, Dogecoin is facing bearish sentiment from many analysts.
- However, new meme coin AiDoge is being backed for a bright future after raising over $1m during its presale.
Dogecoin remains the world’s largest “meme coin” per CoinMarketCap, boasting a total value of $10.9 billion.
Although the coin still generates over $200 million in daily trading volume, many market commentators believe that DOGE is nearing the end of its life cycle.
Due to this, other meme coins and tokens are looking to take up the reins and burst onto the scene, with the new crypto project AiDoge causing a stir through its recently-launched presale – which has seen the project raise over $1 million in funding.
DOGE Price Struggles to Stabilize in Recent Months
Dogecoin is currently hovering around the $0.078 region after a particularly volatile few months, which has seen DOGE reach yearly highs before immediately plummeting.
As is often the case, the source of DOGE’s remarkable volatility was eccentric billionaire Elon Musk. Musk recently changed Twitter’s logo to Dogecoin’s logo, prompting a surge of investor interest – and rapid price increases.
After Musk changed the logo on April 3rd, Dogecoin’s price rocketed by 37% and breached the crucial $0.10 price point.
However, Dogecoin couldn’t stabilize above $0.10, and after a few days of re-testing the area, the price fell aggressively by 23%.
Since this retracement, the DOGE price has continued to showcase explosive volatility, rising throughout mid-April before dropping inexplicably on April 19th. At the time of writing, DOGE is consolidating around $0.078, where buyers and sellers are battling to gain the upper hand.
Dogecoin’s technicals also portray a grim scenario. The DOGE price appears to be forming a “bear flag” on the Daily timeframe – a pattern often appearing right before a downward impulse.
Moreover, DOGE is now trading under the 50-day and 200-day EMAs, highlighting that the medium-term and long-term trend is bearish. Adding more confluence is the fact that the MACD line has just crossed below 0, creating the dreaded “bearish crossover.”
If Dogecoin were to break to the downside, the likeliest port of call would be the wicks around $0.071. This would represent a price decrease of 8.90% from today’s value.
There’s even scope for DOGE to break past these wicks and head to the major support level at $0.065, which propped up the price in early March. If this occurred, it would be a drop of 16.50% for investors.
Analysts Highlight Decreasing Likelihood of DOGE Reaching $1
Dogecoin’s recent volatility has prompted several analysts to come out of the woodwork and present their opinions on Dogecoin’s price prospects.
Analyst for The Coin Republic, Nancy Allen, highlighted that DOGE is now trading under a “severe” downtrend on the Daily timeframe. However, Allen also notes that if DOGE breaks to the upside, it could result in a price increase of up to 40%.
RJ Fulton, a researcher for The Motley Fool, has also noted his worries that Dogecoin may never reach the fabled $1 price point. Fulton states that the coin’s lack of utility and practical use cases means that many still view it as just a speculative investment vehicle – nothing more.
Fulton’s analysis also touches on Dogecoin’s inflationary supply, which means that the total number of DOGE tokens that could be created is theoretically uncapped. As a result, the supply-demand dynamics with DOGE mean it’s challenging (if not impossible) for the token to maintain high valuations.
Lastly, Mike Fay, an analyst for SeekingAlpha, previously chose Dogecoin as his “top crypto bear pick” for 2023.
Fay believes Dogecoin is highly overvalued relative to its peers and has yet to sustain much mainstream interest outside Twitter. Fay also said Dogecoin had been one of his “least favorite” cryptos of this current market cycle.
Ultimately, these negative opinions have given pause to ravenous DOGE investors, who are currently reeling from the coin’s price volatility. With the esteemed $1 price point seemingly further away than ever, it’s undoubtedly a testing time for long-term holders.
New Meme Coin AiDoge Offers Ray of Hope for Crypto Investors
The fluctuations and downward trends of Dogecoin’s value have paved the way for other meme coins to emerge as contenders. AiDoge, utilizing a meme-centered concept and the power of artificial intelligence (AI), has quickly risen to prominence as one of these coins.
In simple terms, AiDoge is an Ethereum-based platform that aims to revolutionize meme development in today’s world. AiDoge’s team plans to address challenges for meme aficionados by utilizing AI to streamline the creation process.
As noted in the project’s whitepaper, AiDoge’s main feature is its custom-built “meme generator,” which relies on text-based prompts. Users can type the particular meme they’re looking for, and AiDoge’s meme generator will create it in seconds – no photo-editing expertise is required.
This feature is beneficial for meme creators, as speed is often crucial when producing viral images. The quicker these creators can upload memes to sites like Twitter and Reddit, the greater their chance of trending – which is something AiDoge seeks to promote.
AiDoge’s native token is $AI, used to buy credits that are required when using the meme generator. However, $AI holders will also be able to stake their tokens to earn daily credit rewards, enabling them to create more memes without having to spend their own money.
Meme creators can even earn $AI rewards by creating popular memes and displaying them on AiDoge’s “public wall.” The more upvotes a meme receives, the higher it will rank on the wall – with the highest-ranked meme creators being rewarded with $AI tokens each month.
Although AiDoge is still in development, eager investors can buy $AI tokens through the 20-stage presale. Stage 2 is ongoing, allowing investors to purchase $AI for just $0.0000264.
However, with only 5% of the presale token supply allocated to this price point, investors must act quickly to get involved before the $AI price increases in subsequent stages.
Thanks to this setup, the AiDoge presale has been an instant hit with the investment community, raising over $1 million for the project’s development in less than three weeks – hinting that it could be one of the biggest crypto launches of the year.
AiDoge.com is not to be confused with ArbDoge, an already-listed token with a similar ticker.
Der Beitrag Dogecoin Price Prediction: DOGE May Struggle to Hit $1, but New Meme Coin AiDoge Raises $1m erschien zuerst auf Crypto News Flash.