DOGE has gained by 6% in the past 24 hours, with the Dogecoin price reaching $0.1806 after Elon Musk declared “Dogecoin to the Moon” during a Q&A yesterday.
The famous meme coin has now risen by 18% in a week and by 120% in a month, as well as by 140% in the past year.
These are all healthy figures, yet Musk’s remarks in favor of Dogecoin yesterday show how much the coin could potentially rise if it receives more support from the entrepreneur and his companies.
And with the market becoming increasingly bullish in recent weeks, DOGE could see more big gains in the near future.
Dogecoin Price Prediction as Billionaire Elon Musk Says ‘Dogecoin to the Moon’ – Is He Buying Again?
DOGE’s indicators continue to look bullish, with recent increases suggesting that more joy is yet to come for the long-running meme token.
Its relative strength index (purple) is rising to 70 again today after falling to 65 a couple of days ago, a sign that momentum very much remains with the coin.
Source: TradingView
DOGE’s 30-day moving average (yellow) is also very promising, given that it continues to rise strongly beyond the 200-day average (blue), a sign that the coin is in a growth phase.
And the token’s trading volume looks very promising, having risen to around $4.6 billion today, which is up from $3.5 billion a week ago and $400 million a month ago.
This suggests that demand for DOGE has surged considerably, largely as a result of the increasing bullishness of the wider market.
However, it has also spiked today in response to Elon Musk’s remarks during an appearance at Giga Berlin, Tesla’s manufacturing plant near the German capital.
Elon Musk at Giga Berlin today.
“When will I be able to buy a Tesla with dogecoin?”
“At some point I think we should enable that.” pic.twitter.com/Suk7bifuHC
— Sir Doge of the Coin (@dogeofficialceo) March 14, 2024
During his appearance, an audience asked Musk if it would soon be possible to buy Tesla cars using Dogecoin, to which the entrepreneur replied, “At some point I think we should enable that.”
He then added, “Dogecoin to the Moon,” a proclamation that received plenty of applause from the assembled crowd.
It also drew a clear response from the market, which has boosted the Dogecoin price considerably in the past 24 hours.
There also remains a chance that it could see even bigger gains in the months to come, especially if X follows through with reported plans to introduce digital payments on its site.
As such, DOGE could reach $0.2 in the next couple of weeks, before reaching $0.4 by the summer.
Newer Meme Coins May Have More Potential
Given that DOGE depends almost entirely on Elon Musk for its price gains, some traders may prefer to investigate other meme coins.
And while the market is flooded with all many of new tokens, there are some that offer solid fundamentals.
This includes Smog (SMOG) is an Ethereum- and Solana-based coin that has risen by 32% in the past 24 hours alone.
It has also risen by over 13,000% since listing on the Jupiter and Birdeye DEX aggregators in early February, making it one of the best-performing new tokens of this period.
Source: Birdeye/TradingView
That SMOG has reenabled to not only sustain its initial surge but build on it is a testament to its wider appeal, with investors excited by its tokenomics and design.
In particular, it boasts a unique airdrop system, which provides greater rewards to those investors who already own the most SMOG tokens.
By setting up its regular drops in this way, Smog incentivizes long-term holding, which in turn can only support the token’s price.
It also receives support from the coin’s staking system, which, in offering 42% APY, will amplify motivations to hold SMOG for the long term.
Let’s hear it once more!
Say…
$SMOG!!!
— SMOG (@SMOGToken) March 12, 2024
Smog is also designed to grow its community more quickly than many of its rivals and peers, with the coin having a quest system that encourages users to complete tasks that help expand its online presence.
This includes signing up for the coin’s socials and having others join up, with Smog’s Twitter account now claiming more than 39,000 followers.
All of this suggests that SMOG could be very successful in the coming months, with investors able to buy the token at the official Smog website or via Jupiter or Birdeye.
And when other listings arrive, SMOG could rise even higher.
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