Doge

Bitcoin Maintains $63K, Dogecoin’s Rise Continues With Another 6% Surge (Weekend Watch)

Bitcoin’s price recovery tour took it to a multi-day peak of $64,500 yesterday, but the asset failed to continue upward and has retraced by over a grand since then. Most larger-cal alts are slightly in the red on a daily scale, with TON, ADA, and SHIB declining by 2-4%. BTC Stopped at $64.5K The start…

Bitcoin’s price recovery tour took it to a multi-day peak of $64,500 yesterday, but the asset failed to continue upward and has retraced by over a grand since then.

Most larger-cal alts are slightly in the red on a daily scale, with TON, ADA, and SHIB declining by 2-4%.

BTC Stopped at $64.5K

The start of May was quite painful for the bitcoin bulls as the cryptocurrency slumped hard after failing to pump above $65,000 a day earlier. The massive correction drove the asset to its lowest price tag in over two months of $56,500.

The Fed’s refusal to raise the interest rates any further brought more volatility, as BTC pumped and dumped by $2,000 in minutes on Wednesday afternoon. Only then started the gradual price recovery as bitcoin jumped to $59,000 by Friday.

The bulls initiated another leg up then that drove the asset to and beyond $62,000. This increase culminated yesterday with an increase to a multi-day high of $64,500.

However, bitcoin failed to overcome that level and has retraced by more than $1,000 since then. Still, it trades above $63,000 and its dominance over the alts has neared 51%. In contrast, its market cap has declined to $1.244 trillion on CG.

Bitcoin/Price/Chart. 05.05.2024. Source: TradingView

DOGE Keeps Rising

The largest meme coin – Dogecoin – was among the top performers yesterday and it has only doubled down on its run. DOGE has jumped by another 6% in the past 24 hours and now trades at $0.16.

The other impressive gainer from the top 36 alts is RNDR, which has soared to $9 after an 8.5% daily increase. AVAX, LINK, and NEAR are also in the green.

In contrast, TON, SHIB, and ADA have declined by somewhere between 2-4%. ETH, BNB, SOL, and XRP are also in the red but in a less painful fashion.

The total crypto market cap has declined by around $40 billion since yesterday’s peak and is now down to $2.450 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024

Dogecoin’s total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145. Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap. The Ripple lawsuit versus the US SEC could be over as…

Dogecoin’s total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145.

Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.

The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.

But here are seven reasons why Dogecoin could flip Ripple’s market cap later this year with one or two little green candles.

1. Elon Musk

The circle will be complete

pic.twitter.com/QkT7K9QBJF

— Elon Musk (@elonmusk) March 25, 2024

Dogecoin has Elon Musk. That’s such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.

The closest it has so far is Gary Gensler. After all, the SEC Chairman’s fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.

DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” That’s a +4,600% gain for the OG meme coin in five years’ time for an average annualized return on investment of +920%.

2. Dogecoin Large Holders Inflows Up 582%

Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.

Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, “Data from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.”

🚨 28,240,000 #XRP (14,948,393 USD) transferred from unknown wallet to #Bitstamp https://t.co/i2ylQpwXGx

— Whale Alert (@whale_alert) May 5, 2024

Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Ripple’s token.

Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.

3. Tesla Adds Dogecoin For Payments

Tesla, Inc. has accepted Doge for years – for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.

Musk said back in March that he thought Tesla should add support for Dogecoin payments.

XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economy’s network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.

4. Much Meme Power

Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.

Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesn’t want a furry mascot to boost its popularity in the near term. Maybe that shouldn’t matter. But to crypto bros, it does.

2023’s top gainers were mostly meme coins. Q1 2024’s crypto leader was also a meme coin – PopCat.

5. Very Teamwork, Such Clout

VanEck’s @MarketVector launches $MEMECOIN index, top 6 assets, 30% cap.

Warns potential customers: “These coins are intended for entertainment purposes” pic.twitter.com/ihjhfCNIR4

— matthew sigel, recovering CFA (@matthew_sigel) May 8, 2024

Dogecoin’s peers are unstoppable!

The currency’s meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.

New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.

6. Proof of Work Power

Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Doge’s price has staying power with its crypto mining/proof-of-work investors.

Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.

Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. It’s the world’s biggest bounty for cheaper sources of electricity.

The future of toilet paper pic.twitter.com/I5THg684tz

— Arsen | Bitcoin Therapy 📧 (@satoshibaggins) May 9, 2024

7. Fed Rate Cuts Later This Year

The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.

Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.

Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto markets’ already voracious demand for inflation shelters like Bitcoin and Dogecoin.

Bottom Line for Investors

Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoin’s price could be undervalued at $0.14 after falling from its $0.22 peak in March.

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Dogecoin Price Outlook – DOGE Remains Bullish as Dogeverse Could Also be Set to Pump

Dogecoin (DOGE) has had mixed fortunes lately. The coin rose throughout March but fell dramatically in April and early May. However, despite DOGE’s volatility, many traders remain bullish on its long-term prospects. Some traders are also bullish on the new meme coin project Dogeverse (DOGEVERSE) – which has raised over $13 million during its token…

Dogecoin (DOGE) has had mixed fortunes lately.

The coin rose throughout March but fell dramatically in April and early May.

However, despite DOGE’s volatility, many traders remain bullish on its long-term prospects.

Some traders are also bullish on the new meme coin project Dogeverse (DOGEVERSE) – which has raised over $13 million during its token presale event.

Wild Ride for DOGE Holders After Coin Hits Two-Year High

It’s been a wild ride for Dogecoin in the past few months.

Meme coin mania was in full swing in February and March, and DOGE benefited immensely, hitting a high of $0.228 on March 28.

That marked the highest level for DOGE since way back in November 2021.

This epic bull run began gathering steam in October 2023, with DOGE ultimately racking up a 302% gain before hitting March’s peak.

However, since that peak, DOGE has retraced around 35% of its gains.

In fact, DOGE was actually down 47% last week before the coin rebounded slightly.

Dogecoin’s dip can likely be attributed to a couple of factors.

First, the broader crypto market has taken a hit, with Bitcoin’s (BTC) price retreating from all-time highs.

And when Bitcoin struggles, the rest of the market tends to follow suit.

Secondly, the meme coin mania that fueled DOGE’s surge has cooled off.

As a result, many investors have opted to take profits – prompting sell-offs across the entire space.

Analysts Remain Bullish on Dogecoin Long-Term

Despite the recent pullback, many believe Dogecoin’s long-term bullish trajectory remains intact.

After all, the coin has repeatedly proven that it can shake off the naysayers and continue to rally, regardless of the market conditions.

The technicals paint an encouraging picture for DOGE long-term.

DOGE formed a double-bottom pattern on the daily chart around $0.124 last week, suggesting strong support at that level.

What’s more, it’s still trading comfortably above the crucial 100-day exponential moving average (EMA) on the daily time frame.

Then there are the spot volumes to consider – a whopping $1.1 billion in trading for DOGE in the past 24 hours.

That makes it the 10th most traded cryptocurrency globally, highlighting the immense interest still surrounding it.

Respected analysts are echoing the bullish sentiment, too.

Crypto Daily Trade Signals recently tweeted that Dogecoin was “building a strong base” before potentially pumping to $1.

When experts like these start talking about the dollar mark, it might just be time to start stocking up on DOGE.

New Meme Coin Dogeverse Draws Bullish Forecasts After Raising $13M

While Dogecoin continues its rollercoaster ride, another dog-themed crypto has been gaining attention – Dogeverse.

Some high-profile voices, like Jacob Bury, believe this multi-chain meme coin could be gearing up for a massive pump once it lists on exchanges.

So, what exactly is Dogeverse?

It’s a coin inspired by the iconic Doge meme, much like Dogecoin and Shiba Inu.

However, Dogeverse stands out by existing simultaneously across multiple blockchains – Ethereum, Polygon, BNB Chain, Solana, Avalanche, and Base.

This multi-chain approach offers increased accessibility and the potential to use the strengths of different networks.

In addition, Dogeverse is building a passionate online community and offering further use cases.

For example, DOGEVERSE holders can stake their tokens and earn yields as high as 71% per year.

This multi-chain, staking-enabled approach could be the recipe for Dogeverse to establish itself as more than just another meme coin.

No wonder the project’s Twitter page has attracted over 14,000 followers in just a few weeks.

At the time of writing, Dogeverse is in the final stage of its presale phase, offering early bird discounts to those looking to get in on the ground floor.

DOGEVERSE tokens can be purchased for $0.00031 – a price that’s only available for a narrow window before the token makes its DEX debut in the near future.

Visit Dogeverse Presale

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These Altcoins Dumped the Most as Bitcoin (BTC) Slipped Beneath $60K (Market Watch)

Bitcoin’s price took another sharp turn for the worse yesterday when it dropped below $60,000 for the first time in well over a month. Most altcoins are also deep in the red today, with names such as SOL, DOGE, and TON dumping by more than 5-6%. BTC’s Latest Nosedive It was less than a week…

Bitcoin’s price took another sharp turn for the worse yesterday when it dropped below $60,000 for the first time in well over a month.

Most altcoins are also deep in the red today, with names such as SOL, DOGE, and TON dumping by more than 5-6%.

BTC’s Latest Nosedive

It was less than a week ago – last Friday – when the primary cryptocurrency stood above $70,000 and even challenged $71,000. However, that was short-lived, and external events, like the US Fed’s comments and the rising tension between Iran and Israel, led to massive price declines.

It all started on Friday evening with a drop to $65,000. After recovering a couple of grand on Saturday, BTC dumped later that evening when Iran launched an attack against Israel. The asset fell to $61,000.

It managed to reclaim some ground on Sunday and Monday, but that didn’t last long, and Bitcoin started losing value once again. This culminated yesterday when the cryptocurrency plummeted to just under $60,000 for the first time since early March 2024.

Despite being more than $1,500 higher now than that low, BTC is still 3% down on the day and is barely hanging above $61,000. Its market cap has declined to $1.210 trillion, while its dominance over the alts stands still at 51.5%.

Alts Turn Red Again

The altcoins also followed suit with price declines in the past 24 hours. Ethereum, for instance, went from over $3,100 to below $3,000, and it is currently struggling as well. Aside from BNB, which is slightly in the green, the rest of the alts are deep in the red.

This trend is led by Dogecoin, which has dumped by over 8%. Toncoin (-6.5%) and Solana (-5%) are next, followed by ADA, AVAX, SHIB, TRX, and LINK.

Further losses are evident from the likes of WIF (-10%), TAO (-7.5%), OKB (-7.5%), and more.

The total crypto market cap is down by $60 billion overnight and is down to $2.350 trillion.

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Cryptocurrency charts by TradingView.