The value of Dogecoin, the original meme cryptocurrency, has been increasing consistently in the last week. This occurred while Ethereum and Bitcoin prices faced challenges in breaking through their support levels. With the top two cryptocurrencies experiencing a surge once more, Dogecoin is still demonstrating an upward trend. Investors are closely monitoring the crypto market with high hopes that the price of DOGE will double soon. Let’s discover the reasons behind this story.
Dogecoin Price Market Performance
The current Dogecoin price stands at $0.182, experiencing a 5.53% increase in the last 24 hours. Over the previous week, its performance showed a notable rise of 38.26%. Despite the fact that DOGE is currently 75.26% below its record high of $0.7376, its price has surged significantly by 112.49% and 143% in the last month and year to date respectively. Having 143.62 billion DOGE in circulation, the meme coin has a market capitalization of $26.13B, placing it in 8th position on CoinMarketCap.
Reasons Why DOGE Price Will Rise 100% Soon
1. DOGE Day
The recent increase in Dogecoin’s price could potentially be just the beginning of a larger trend soon. The upcoming “DOGE Day” on April 20, which is famous for backing cannabis legalization. This specific day is important for the community of Dogecoin as it symbolizes the beginnings of the coin. The community decided to commemorate the 420 meme to reflect on the lighthearted beginnings of Doge. One can enjoy Dogecoin without needing to experience a state of being high.
In the past, Dogecoin has experienced increases in price in the month of April. Previously, the coin increased in value from $0.0020 to $0.0031 in 2019, and from $0.0017 to $0.0025 in 2020. The biggest surge occurred in 2021, with a boost of 18,000% from the DOGE Day of the previous year.
Although there was a setback in 2022, the coin rebounded in 2023. Currently, Dogecoin is being traded at $0.18 and is demonstrating potential for additional growth, with experts predicting a potential parabolic surge soon.
2. Technical Indicators
Rekt Capital, a crypto analyst discussed the price movement of Dogecoin. He noted that Dogecoin experienced a significant retracement to retest a long-term downtrend line, which is a positive sign. Following this retest, Dogecoin saw a breakout rally of around 45% to the upside. Rekt Capital also mentions that Dogecoin has now confirmed a new macro uptrend, indicating a shift in the overall trend direction.
Additionally, the analyst observed that Dogecoin is forming a bullish flag pattern, suggesting further upward movement in price as it breaks out from this pattern. Overall, the tweet highlights bullish signals for Dogecoin’s price action, indicating potential for further upward momentum.
3. Coinbase Derivatives Launch of Dogecoin Futures Trading Contracts
Coinbase Derivatives is set to launch $ futures trading on April 1st, potentially fueling more interest in the meme coin. The It plans to introduce Dogecoin futures trading contracts for Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH) by April 1, 2024. The company submitted letters to the United States Commodity Futures Trading Commission (CFTC), outlining its intention to launch monthly cash-settled and margin futures contracts for the cryptocurrencies.
Coinbase will use the self-certification approach, following CFTC regulations, to list the contracts without direct approval. The contracts’ details, sizes, and structures were provided in the letters, specifying that settlement methods would rely on a benchmark rate by MarketVector.
The move is significant for Dogecoin, a meme coin that has gained considerable market value and community support despite its origins as a joke. Coinbase believes that Dogecoin has become a staple in the cryptocurrency world, transcending its meme roots.
Coinbase Derivatives will launch the first leveraged and CFTC-regulated futures contracts for Bitcoin Cash, Dogecoin, and Litecoin in April!
Stay tuned to find out when these contracts will be available to trade on our partner platforms. pic.twitter.com/MfUBrjuNsA
— Coinbase Institutional 🛡️ (@CoinbaseInsto) March 21, 2024
4. Increase in DOGE’s Social Awareness
Based on the data from Santiment, the social significance of Dogecoin has risen to its peak level since surpassing one hundred in early March.
As we near April, should the metric keep increasing, there is a possibility for DOGE’s price to see a remarkable 100% surge in the next month. Another factor contributing to these rumors was simply the overall count of investors.
In February, it seemed that there were fewer than six million investors in Dogecoin. Nevertheless, as of today, the figure has exceeded 6.58 million. This may be seen as a rise in investor interest.
As April begins, the number of investors mentioned may reach up to seven million. If that happens, the price of DOGE could increase to $0.34.
Conclusion
The recent surge in Dogecoin’s price suggests that it may double in value despite challenges faced by other major cryptocurrencies. Technical signals indicate a positive trend, with expectations of considerable upward movement. The anticipation for “DOGE Day” on April 20 and the introduction of futures trading contracts by Coinbase derivatives are adding to the positive outlook. Due to rising social consciousness and investors showing more interest, there is a possibility for Dogecoin’s price to reach $0.34 in the next month, indicating a 100% increase. Dogecoin’s surprising success solidifies its importance in the cryptocurrency market, going beyond its origins as a meme.
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