• Dogecoin (DOGE) has gained 1% in the past week and 13% in the start of 2023.
• Twitter is expected to introduce DOGE payment in near future.
• A recent mania for meme tokens such as PEPE and WSB Coin have been seen, but it hasn’t yet extended to DOGE.
Dogecoin Price Prediction as Meme Coins Surge
The Dogecoin price has risen by 1.5% in the past 24 hours, reaching $0.079494 after the cryptocurrency market reacted positively to the Federal Reserve’s latest rate hike, resulting in a modest gain of 1% in the last week and a 13% gain since the start of 2023. Meanwhile, meme tokens such as Pepe Coin (PEPE) are having something of a mini-season, with prices rising significantly over the last week. There is some hope that Twitter may soon introduce Dogecoin payments, which could bring further gains for this popular crypto coin.
Technical Indicators Suggest Further Drops
Despite today’s minor rally, technical indicators suggest that further drops may be on the horizon for Dogecoin – its 30-day moving average is close to dropping below its 200-day average, forming a ‘death cross’ which usually signals more falls. Similarly, its relative strength index has flattened out at 45 indicating little resistance against further falls.
Recent Activity from Dormant Address
An alert revealed that a dormant address containing 1.5 million DOGE was activated again recently after spending nine years dormant – this could suggest that the address owner is preparing to sell their coins soon enough and other whales have also been seen moving funds around exchanges recently too .
Mania for Meme Tokens
The market has recently been hit with a mania for meme tokens such as PEPE and WSB Coin with prices rising significantly over the last week – however it remains unclear whether this trend will extend to include Dogecoin or not yet .
Although there are some signs of potential weakness ahead for Dogecoin due to technical indicators, there is still hope amongst investors that it will benefit from an upcoming introduction of twitter payments and also from any possible surge in meme token activity – making now potentially a good time to buy into DOGE whilst prices remain low .