Dogecoin is one of the best-performing cryptocurrencies on a day when meme coins are leading the market. In the last 24 hours, Dogecoin has gained by 22%, and as of 11:51 GMT+3, was trading at $0.1495. Trading volumes were also rising, up by 47% to $4.92 billion.
A rally in the broader meme coins market has triggered Dogecoin’s rally. As Bitcoin approaches its all-time highs, investors expect that alt-season will start, and meme coins will likely give some of the best returns compared to the more conventional cryptocurrencies.
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As one of the older and best-known meme coins, Dogecoin has caught up that momentum early. With volumes on the rise and mentions of Dogecoin on social media, DOGE could be headed to much higher prices as bullish sentiment rises in the meme coin section of crypto.
Dogecoin Trading Fees Attract Small Investors
Investors are also drawn to Dogecoin for its low trading fees. Unlike most meme coins that run on either Ethereum, Solana, and other layer-1s, Dogecoin runs on its own blockchain and is a mineable cryptocurrency just like Bitcoin. The fees on the Dogecoin blockchain are also among the lowest in the crypto market. This means small investors looking to invest $10 or $20 in meme coins might have an easier time doing so with Dogecoin because they won’t lose much of that money in fees.
Dogecoin also inspires confidence that it is not a pump and dump and will never rug pull. That’s because it is a community-driven cryptocurrency that is as decentralized as the bigger cryptocurrencies like Bitcoin and Ethereum. This is attracting many investors who want to invest in meme coins but are afraid of losing their money to scammers launching tokens for the sole purpose of pulling liquidity and leaving investors with worthless bags.
Positive News From The Devs
Investors are also increasingly confident in Dogecoin because its developer team is working to ensure the network runs smoothly. They recently made an update on X on their progress towards ensuring that Dogecoin runs smoothly. Such updates, coming at a time when meme coin fever is picking up, has seen FOMO build up on Dogecoin.
#Dogecoin version 1.14.7 is available now.
If you’re running the Qt binaries (the GUI wallet), we encourage you to upgrade as soon as possible.
Release notes and downloads are available here: https://t.co/mx2O32V9Yn https://t.co/kDCy3XOF7C
— ☣ junior developer ☣ (@chromatic_x) February 28, 2024
Dogecoin’s core strengths, such as longevity in the market, low transaction costs, and an active developer team, are drawing in investors when they are scouting for meme coins to buy in this bull market.
Dogecoin Consolidating But Rising Volumes Point To Bull Rally Continuation
Dogecoin’s price indicates a consolidation after a quick price rally, but buying volumes remain high.
Dogecoin is consolidating after rallying for more than 24 hours and outperforming most top cryptocurrencies. Dogecoin is now oscillating between $0.146 resistance and $0.1395 support.
If bulls retake the market and push Dogecoin through the $0.146 resistance, another rally could follow. Such a rally could easily see Dogecoin hit highs of $0.50 or more within the day.
However, if overall Dogecoin trading volumes decline, there could be a continued consolidation between $0.146 and $0.1395. On the other hand, if selling volumes increase within the day, the key level to watch would be the $0.1395 support. If the $0.1395 support is broken, then $0.10 or lower would come into focus within the day.
Dogecoin Price Prediction – The Case for $0.50 Or More Today
While there is a chance that Dogecoin price prediction could consolidate or enter a new bearish phase, the odds are that bulls will soon push Dogecoin to $0.50 or higher. That’s because the overall momentum in the cryptocurrency market is bullish, and meme coins are attracting most of the attention.
As the excitement around meme coins builds up, Dogecoin is getting the most attention, especially on social media. This means that as more money flows into meme coins, Dogecoin can draw in the most of it, making parabolic price rallies going forward.
Investors’ eyes are wide open as #memecoin charts hit new highs 🚀
🐶Dogecoin ( $DOGE) hits a 16-month high
🐶Dogwifhat ( $WIF) hits an ATH
🐶Floki ( $FLOKI) hits an 11-month high
🐶Shiba Inu ( $SHIB) hits a 22-month high
🐸Pepe( $PEPE )hits 10-month highAre you… pic.twitter.com/ZsDD18V5Rr
— TheNewsCrypto (@The_NewsCrypto) March 2, 2024
Also, Dogecoin is one of Elon Musk’s favorite cryptos, and while he has not been talking about it lately, all it would take is a tweet from him to trigger unprecedented FOMO.
Combining these factors means the odds of more upside are higher than a bearish reversal. $0.50 is within reach this weekend or next week.
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