Dogecoin Price Prediction as DOGE Sees $5 Billion Flood In – $10 DOGE Possible in 2024?
Crypto’s most popular meme coin, DOGE, appears to be pulling back harder than every other top twenty cryptocurrency by market capitalization, even after its overnight trading volume hit $5 billion.
According to data by CoinGecko, DOGE is now down 4.6% in the last 24 hours to trade at $0.1213. It’s cooling from a seven-day rally that added as much as 45% to its price.
In fact, among the biggest cryptocurrencies by market cap, Dogecoin is correcting the steepest. Market leader Bitcoin (BTC) only shed 0.4% overnight while Ethereum (ETH) shed 1%.
With virtually every top cryptocurrency depreciating in price today, many are wondering if Bitcoin’s phenomenal rally, which drove it briefly past $63k yesterday, is finally losing steam.
The only other the top five meme coin to pull back in price today is DOGE’s closest contender, Shiba Inu (SHIB), which lost 2.5% to change hands at $0.000013 as of this writing.
Prices rose across the market all week as institutional money continued to pour into Bitcoin following the mid-January launch of spot exchange-traded funds (ETFs).
ETFs enable investors to buy an investment product that directly tracks the price of Bitcoin, which many see as an attractive alternative to the known hazards of directly storing Bitcoin.
A cursory glance at DOGE’s chart shows the coin has hit heights not seen since November 2022.
Given such a rapid ascent, a correction is probably inbound, however with a current Relative Strength Index (RSI) of 60, DOGE appears to be priced well at this point.
The meme coin leader will likely continue tracking Bitcoin’s and Ethereum’s price movements over the spring.
In addition to the hype around ETFs, anticipation over Bitcoin’s upcoming halving is also driving prices.
On April 19,
Read more on cryptonews.com
