Dogecoin Price Prediction As Elon Musk Wins $258 Billion DOGE Pyramid Scheme, Yet PEPE Offshoot Steals Spotlight With $11M Funding Raise
The Dogecoin price rose by a fraction of a percentage in the last 24 hours to trade at $0.108 as of 03:40 a.m. EST on trading volume that dropped 20% to $465 million.
This comes after Elon Musk and Tesla Inc. won the dismissal of a lawsuit that claimed they pumped up the price of the Dogecoin cryptocurrency into a $258 billion “pyramid scheme.”
Investors who lost big chunks of money faulted Musk for promoting the token to his millions of Twitter followers and then inflating the price by announcing that Tesla would accept Dogecoin as payment for merchandise.
However, a New York federal judge dismissed the claims, finding Musk’s statements were “aspirational” rather than “factual and susceptible to being falsified.”
Dogecoin Price Gearing Up Towards A Bullish Stance
According to data from GeckoTerminal, the Dogecoin price, after breaking out of consolidation, has been on a downtrend from $0.1145, as it trades within a falling channel pattern.
The Relative Strength Index (RSI) seems to be rebounding from the 30-oversold region, currently at 40, an indication that investors could be adding to their positions.
The Moving Average Convergence Divergence (MACD) is also bullish, as the MACD line rebounds towards the neutral line. Moreover, the blue MACD line is crossing above the orange signal line, an indication that the price of Dogecoin is currently on positive momentum.
The Dogecoin price Analysis shows the token is gearing up for a bullish trend reversal over the falling channel pattern, as the bulls target $0.1153.
However, DOGE still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which may encourage the bears to push DOGE through a correction. In such a scenario, $0.0946 acts as the immediate support level.
As the Dogecoin price soars, other investors are rushing to buy the new meme coin, Pepe Unchained (PEPU).
99Bitcoins, a prominent crypto channel on YouTube with more than 706k subscribers, says that PEPU could soar 100X after its launch.
Pepe Unchained Raises Over $11 Million– Best Alternative To Buy Now?
PEPU has raised over $11 million in presale funds, and it appears its bid to become the top Pepe token in the meme coin sector is not stopping.
Pepe, as it remains chained to Ethereum, is constrained by Layer 1’s limitations; at times, it can be expensive and slow to purchase.
Pepe Unchained is set to be the superior alternative to $PEPE, promising lower transaction costs and faster speeds for Pepe ownership.
From its name, Pepe Unchained aims to free Pepe, a prisoner chained to his old, clunky Layer-1 server room. The project will run on its own proprietary Ethereum Layer 2 blockchain.
Its new proprietary blockchain will also serve as the launchpad for future meme coins and other tokens, leveraging the same cost-efficient transactions as $PEPU.
Who needs some Brain Powder?
Pepe is gearing up for the official launch of his very own blockchain! 🚀 pic.twitter.com/kZC72UmxFy
— Pepe Unchained (@pepe_unchained) June 20, 2024
Token holders can also earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 180%.
You can buy $PEPU tokens for $0.0093851 each. With a price hike coming in a day, this is a good time to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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Category: Cryptocurrency News
Post by: TheBitTimes.com
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