Dogecoin Price Dips 4% As Elon Musk Teases Return of Tesla DOGE Payments, But Traders Pivot To This New ICO That Raised Over $11 Million

Dogecoin Price Analysis

The Dogecoin (DOGE) price has plummeted by 4% in the past 24 hours, currently trading at $0.095 as of 09:02 p.m. EST. Despite Elon Musk's recent hints at reintroducing DOGE as a payment option for Tesla merchandise, the price decline coincides with a surge in trading volume to $467 million.

This development follows the dismissal of a lawsuit accusing Musk and Tesla of defrauding investors through a Dogecoin pump-and-dump scheme. Musk's suggestion has fueled speculation within the crypto community about DOGE's potential return to Tesla's payment platform.

Dogecoin Price Outlook

Technical indicators suggest a bearish trend, with DOGE trading below both the 50-day and 200-day Simple Moving Averages (SMAs). The Relative Strength Index (RSI) indicates strong selling pressure, as it is below 30.

If the downtrend continues, Dogecoin could drop further to the support zone of $0.0900. However, the RSI also signals that DOGE is undervalued, which could be a buy signal for bulls.

Pepe Unchained (PEPU): A Rising Rival

Pepe Unchained (PEPU), another meme coin, is gaining traction among investors as it attempts to emulate its predecessor, PEPE. Prominent YouTube crypto channel 99Bitcoins identifies $PEPU as a potential 100X investment opportunity.

Pepe Unchained Presale Surges

The Pepe Unchained presale has surpassed $11.4 million, with a target of $11.6 million. The project aims to address the scalability and speed limitations of Layer-1 meme coins like Ethereum by introducing its own Layer 2 blockchain solution.

Pepe Unchained offers investors the potential for passive income through its staking system, which provides 175% annual rewards. $PEPU tokens can be purchased for $0.0094603 through the official website using ETH, USDT, or bank card.