The Dogecoin price is up 5% today on Monday as part of the broader market recovery. It is currently trading at $0.12, with a market capitalization of $17 billion.
However, popular crypto analyst Yellow Trades - who has over 59k followers on X - believes that the DOGE price could be on the cusp of a 4x rally. Indeed, he expects the top meme coin to reach $0.51 in the coming weeks.
In fact, Yellow Trades projects that doge-themed meme coins are set to make a comeback in the upcoming crypto bull market. For instance, he believes that a new play-to-earn meme coin PlayDoge could potentially deliver 20x returns after its launch.
Dogecoin Price To $0.51?
Despite the crypto crash over the past few weeks, the Dogecoin price chart is still showing significant bullish strength.
Indeed, the top meme coin successfully defended the $0.106 support level, despite several retests.
$DOGE / $USD - Update I am in a long as of $0.102c .. Only while we are above that level too pic.twitter.com/tdmghLhRs9
— Crypto Tony (@CryptoTony__) July 15, 2024
Technical analysis platform TradingView is also giving a buy signal to DOGE in the 4-hour time frame.
It does not mean that the meme coin is out of the danger zone, especially if Bitcoin slips below $60k. Indeed, the bulls would now look to flip the 200-day simple and exponential moving averages, both of which are currently hovering near the $0.13 price mark.
However, experts are bullish on Doge in the long term, especially after the failed assassination attempt on former President Donald Trump.
Elon Musk Supports Donald Trump
The odds of a Trump presidency have shot up, with billionaire Elon Musk publicly throwing his weight behind him. Several reports have already claimed that Trump and Musk have had deep discussions about crypto policy and that the latter can find an advisory role in the Trump administration.
It is no secret that Dogecoin is Musk’s favourite cryptocurrency. Consequently, the increasing odds of a Trump presidency could provide a massive boost to its price in the coming weeks, potentially taking it to the $0.51 price mark.
In fact, several crypto analysts believe that the Dogecoin price could hit the $1 mark during this bull cycle.
DOGE to a dollar is programmed pic.twitter.com/I7dJhHCbYN
— K A L E O (@CryptoKaleo) May 24, 2024
After all, the upcoming launch of spot Ethereum ETFs is expected to provide a significant boost to altcoins, including Dogecoin. Furthermore, the Federal Reserve appears set to cut interest rates starting September, which could offer fresh legs to the bull market.
Considering that meme coins have already proven themselves to be the most in-demand assets during this bull cycle, the market leader DOGE can be expected to deliver outsized returns.
Could PlayDoge Be The Next Meme Coin To Explode?
As previously mentioned, Yellow Trades believes that PlayDoge can potentially deliver 20x returns.
Surprisingly, his price prediction is on the more conservative side, with others even hinting at the possibility of 100x returns.
Indeed, PlayDoge is already seeing strong early demand, raising over $5.6 million in its ICO.
As such, investors are on the lookout for GameFi meme coins, following the success of Notcoin and Hamster Kombat.
PlayDoge has done well to capture this demand with its Tamagotchi-styled play-to-earn game, in which gamers get to own the iconic Doge character as their virtual pets. The gameplay is as simple as Hamster Kombat’s tap-to-earn concept, with players responsible for feeding and training their pets.
Most importantly, they can complete a series of classic 2D games to win free crypto, in the form of additional PLAY tokens. Players with the most experience points will get bonus rewards as well.
If this isn’t enough, the PlayDoge staking pool is offering lucrative yields on both the BNB Smart Chain and Ethereum, much higher than the industry standard.
Interested buyers can visit the PlayDoge website and use the over-the-counter widget to buy this new meme coin.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
