Dogecoin (DOGE) is pumping.
The world’s largest meme cryptocurrency by market capitalization, which is an independent decentralized crypto network in its own right, jumped another 10% on Tuesday, taking its weekly gains to nearly 15%.
Dogecoin has been pumping ever since Elon Musk rebranded Twitter to X, which is touted as an “everything” app similar to China’s WeChat that also offers users things like advanced and convenient financial services.
The reason Dogecoin is pumping is due to speculation that Dogecoin could somehow be implemented into a future payments solution based on crypto X, potentially increasing demand and utility for the cryptocurrency substantially.
Crypto markets are speculating about a Dogecoin integration due to the fact that Elon Musk has long been a big Dogecoin supporter and advocate.
He frequently references the token on Twitter, is a self-proclaimed investor, and even owns a Shiba Inu dog that the coin meme is based on.
DOGE/USD last changed hands on major cryptocurrency exchanges just above $0.08, more than 50% above the June lows at $0.05.
And, amid recent technical developments, price predictions are turning substantially more bullish.
Price Prediction: What’s Next for Dogecoin (DOGE)?
Dogecoin’s 10% rise on Tuesday has seen the cryptocurrency break north of two key resistance levels.
These include 1) a downtrend from the 2021 all-time highs and 2) the 200-day moving average.
While a break above the 200 DMA is always a good sign of a positive change in price momentum in the short term, the most important break is the move above the downtrend from the 2021 all-time highs.
This sends a signal that Dogecoin’s 2+ year bear market may finally be coming to an end.
The most obvious bullish target now is a retest of the 2023 highs in the $0.10 area, which could mark quick gains in the region of 20% for investors jumping in now.
But why stop at 20%?
If Dogecoin is to become a major part of a future payment system X, then a retest of last October’s highs in the $0.16 area is a decent chance, marking gains of almost 100% from current levels.
Alternative Coin to Consider – BTC20 (BTC20)
Billed as “Bitcoin on Ethereum” and as an opportunity for members of the cryptocurrency community to buy bitcoin at its price of $1 in 2011, a new token called BTC20 has generated a lot of buzz.
The tokenomics is designed to mimic bitcoin: a BTC20 token supply cap of 21 million, with tokens to be issued to BTC20 participants (rather than miners) according to the same issuance schedule as bitcoin.
Some claim that BTC20 is even better than bitcoin, given that it runs on a green, low-power proof-of-stake Ethereum blockchain, rather than a power-hungry proof-of-work chain like bitcoin.
According to the project White paperBTC20 seeks to raise a minimum of $3 million, although this could increase to $6 million, through the sale of BTC20 tokens for $1 each.
With the project already raising close to $2 million in just a few days, merchants need to move quickly to secure their spot.
Buy BTC20 here
