The price of Dogecoin (DOGE) has dropped by 1.5% in the past 24 hours, with its slip to $0.070790 canceling out a brief return to a $10 billion market cap earlier this morning.
DOGE’s fall today means it has lost 10% in a week and 13.5% in the last 30 days, with the meme token now up by only 0.5% since the beginning of the year.
Given its poor performance recently, many traders have begun turning to meme tokens, Pepe (PEPE) and SpongeBob (SPONGE) being among the best performers in the past few weeks.
And these two new meme coins may soon be joined by AiDoge (AI), a meme-generating platform that has already raised just over $6 million in its presale.
Dogecoin Price Prediction as DOGE Reaches $10 Billion Market Cap But Crypto Experts Say AiDoge is a Better Buy – Here’s Why
Despite its recent falls and losses, DOGE’s chart has begun to look a little more promising, with its relative strength index (purple) rising towards 50 after spending some below 30 in recent days.
Additionally, DOGE’s 30-day moving average (yellow) now looks like it can’t sink much lower below its 200-day average (blue), implying that a rebound is due in the not-too distant future.
This belief is reinforced by DOGE’s support level (green), which has begun rising again after a period of steady declines, meaning that the meme token is strengthening its position.
Indeed, DOGE’s move towards a market cap of $10 billion was arguably reversed only by a fall that was general to the entire market, with Bitcoin (BTC) down by 4% today.
And it seems that at least some whales are currently buying the meme token, taking advantage of its fairly steep undervaluation right now.
It’s therefore reasonable to suspect that DOGE is due a recovery, with its price potentially rising beyond $0.070790 and returning to somewhere around $0.075 in the next few weeks.
As for its longer term prospects, these all hinge on Twitter, which the Dogecoin community expects to introduce DOGE payments at some point in the future.
Of course, such a point may still be several years away, which probably explains why DOGE has been underperforming.
But if Twitter does eventually bring in DOGE payments, there’s no doubt that the meme token will enjoy a renaissance of sorts, rising back up to $0.1 and beyond.
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AiDoge: More Potential?
For traders who don’t want to take a big bet on what Twitter may or may not do in the future, other altcoins may be preferable at the moment, with a number of new meme tokens showing good potential.
One notable meme token is AiDoge, an AI-powered meme-generating platform that has already raised over $6 million since the presale for its native token $AI began at the end of April.
Harnessing big data and advanced algorithms, AiDoge’s platform generates memes in response to text descriptions entered by users, who don’t need any technical expertise to get creating.
Once they’ve generated a meme or two, users can submit their creations to the AiDoge community, who can upvote their favorites.
The most popular memes will earn their creators rewards in $AI, which can be used for staking and for gaining access to AiDoge’s meme generating features.
Interestingly, AiDoge has recently begun a collaboration with SpongeBob (SPONGE), which is currently one of the most talked-about meme tokens in the market.
This will provide extra exposure and publicity for AiDoge, which is currently in the ninth stage of its presale, during which 1 $AI token costs $0.0000292.
This price will rise to $0.0000296 in the next stage, before ending at $0.00003360 at the final stage, representing a rise of 15% compared to its current price.
Investors can join its presale by visiting AiDoge’s official website and connecting their wallets, before using ETH, BNB, USDT or fiat currency to buy $AI.
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