The Dogecoin (DOGE) price is currently consolidating near $0.16 and is close to its 21DMA, leading investors to speculate on whether a pump to $12 could be in the cards. A TradingView trader known as Crypto_Kinfolk has put forth a bullish price prediction based on Dogecoin’s price history, noting significant gains in previous cycles. With the completion of the bear market and breaking out of accumulation, Crypto_Kinfolk believes that a bull run could be imminent, with price targets of $4.20, $10.10, and $12. The potential addition of DOGE as the main currency for the X platform by Elon Musk could further boost its value.
The Dogecoin price is currently trading within a range of $0.12-22 over the past three months and is situated around its 21 and 50DMAs, indicating a lack of bullish or bearish momentum. However, with Bitcoin approaching yearly highs and other cryptocurrencies performing well, DOGE may soon catch up. A potential surge to $12 would represent gains of around 75x from current levels, making it an attractive investment option for meme coin enthusiasts. Despite DOGE’s already substantial market cap of $23.3 billion, achieving such gains would require reaching a market cap of approximately $1.75 trillion, raising some skepticism among investors.
While investing in established meme coins like DOGE may offer significant gains, traders seeking even higher returns might consider investing in new meme coins before they gain popularity. One such coin, PlayDoge (PLAY), has garnered attention for its play-to-earn (P2E) utility and mobile-based game. The crypto presale for PLAY has already raised close to $2.7 million within a few weeks of its launch, with a modest market cap of under $50 million at a launch price of $0.005. Depending on the success of its game and adoption by users, PLAY could be one of the standout meme coin plays in the current market cycle.
Overall, the volatile nature of cryptocurrency markets means that investments in meme coins like DOGE and PLAY carry inherent risks. While the potential for significant returns exists, investors should exercise caution and conduct thorough research before making investment decisions. The addition of DOGE as the main currency for the X platform by Elon Musk could provide a significant boost to its value, while new meme coins like PLAY offer unique utility and potential for growth. Ultimately, it is crucial for investors to consider their risk tolerance and investment goals before venturing into the high-risk world of cryptocurrency trading.
