This text was paid for*
The Dogecoin price might lastly breakout, with the GameStop frenzy spurring on a meme coin rally.
Dogecoin’s tepid price motion has been disappointing up to now. As an example, Doge is at present down 11% over the previous 3 months, regardless of meme cash dominating the bull market.
Nevertheless, buyers will not be giving up on the meme coin chief. Widespread investor Kaleo (@CryptoKaleo) has highlighted that Dogecoin season could now be across the nook, with the GameStop mania and its advocate Roaring Kitty making a comeback.
Different doge-related meme cash are additionally in excessive demand. As an example, a brand new play-to-earn meme coin PlayDoge has raised near $1.5 million in its presale. Specialists have been fast to name PlayDoge the following 100x meme coin.
The Robust Correlation Between GameStop and Dogecoin – Will Doge Lastly Breakout?
The aforementioned dealer Kaleo has highlighted a robust historic correlation between Dogecoin and GameStop.
In a current X submit, he states, “Dogecoin started sending right after GameStop hit its peak in early 2021”.
Kaleo additional explains the explanation behind his optimism, stating that Doge usually reveals lengthy intervals of sideways consolidatory price motion earlier than going vertical.
In one other submit, he explicitly alerts to not dismiss a serious Dogecoin rally, particularly as soon as the GameStop inventory price hits its peak.
As such, the Dogecoin price is up 2%, following Roaring Kitty’s comeback on his social media accounts. On Reddit – the place he goes by the moniker “DeepFuckingValue” – the dealer revealed that he holds over $116 million of GME widespread shares and $65 million of GameStop name choices.
He then took to X to submit one other meme, this time the enduring “UNO Reverse”.
Following his disclosure, the GameStop inventory price has surged by 71% in pre-market. In the meantime, the GME meme coin on Solana is up by 230%.
Will Dogecoin Hit $1 In 2024?
Specialists have been in consensus that the Dogecoin price will hit $1 throughout this bull cycle.
Fairly merely, Doge’s earlier all-time excessive is $0.74 and since crypto property usually outperform their earlier cycle’s peak, $1 emerged as a viable price goal.
Nevertheless, the meme coin must face a number of hurdles. Firstly, Doge must flip the $0.166 – $0.171 resistance zone into assist. It’s at present an important demand zone, with over 75,500 addresses buying over 10 billion $DOGE between these ranges.
The following main resistance stands at $0.32.
The meme coin will want an extra increase from billionaire Elon Musk. Musk has usually been accountable for most of Dogecoin’s main upside strikes over the previous few years.
The Federal Reserve adopting a dovish financial coverage would additionally assist Doge attain the $1 price goal.
Is PlayDoge The Subsequent 100x Meme Coin?
It’s no shock that new meme cash are in considerably excessive demand throughout this bull cycle. Whereas most utility-less tokens solely show pump-and-dump price motion, consultants imagine PlayDoge ($PLAY) could have the potential to ship 100x returns.
PlayDoge is a play-to-earn meme coin, combining the enduring Doge with the nostalgia of Tamagotchi. Certainly, the sport permits gamers to personal their very own Doge pet and win free crypto by finishing Tamagotchi-style duties.
Unsurprisingly, PlayDoge has rapidly raised over $1.5 million in its presale in lower than per week. The robust early demand is typical of meme cash that show a serious upside after their launch.
As talked about, profitable free crypto is without doubt one of the vital elements driving PlayDoge’s demand. Gamers can full a number of 8-bit, 2D facet scrollers to earn $PLAY rewards and acquire extra XP factors. Leaders with essentially the most XP will earn further bonus rewards.
Nevertheless, gamers who even neglect to do the fundamental actions of coaching, feeding and enjoying with their pet must watch it die or run away to a different home.
Buyers shopping for the PlayDoge meme coin throughout the presale may also stake their holdings. In accordance with the challenge’s staking dashboard, the present reward fee is over 200%, properly above the business normal.
patrons can head to the playdoge.io web site and use the over-the-counter widget to buy the meme coin. Buyers may also observe its X or Telegram accounts to maintain up to date with the newest on PlayDoge.
*Cryptonomist didn’t write the article or take a look at the platform.