Dogecoin Price Rises Another 3% – Will Doge Hit $1 This February?
Dogecoin, the popular cryptocurrency known for its meme-inspired logo, has shown impressive price action in the past 24 hours, making it the second-best performing top 10 crypto after Ethereum.
Despite a relatively stagnant year, Dogecoin has gained momentum recently, outpacing the overall market with a 3.51% increase in value over the last day.
This surge in price has led to a bullish sentiment among the Dogecoin community, raising the question of whether the cryptocurrency will make a historic move towards the $1 mark in the near future.
Currently, Dogecoin is approaching the $0.1 threshold, rising from $0.083 yesterday to $0.086 today. Additionally, it has experienced an impressive 8% increase in value this week, marking a significant advancement on its price chart.
This upward movement indicates a potential push towards the top of the descending triangle, which sits at $0.1, followed by a likely continuation towards its range high of $0.11.
With a market cap of $12.27 billion and a trading volume of $391 million in the past 24 hours, Dogecoin is showing strength in the market, with a 29% increase observed today.
This recent surge in price follows the announcement that luxury car manufacturer Ferrari is now accepting Dogecoin as a form of payment for their vehicles.
This move by Ferrari has sparked optimism among the Dogecoin community, with influential member David_dogecoin predicting that the price could reach $0.15 in the near future, followed by climbs to $0.26 and eventually $1.
Another analyst, MehranSwingTraders, notes that Dogecoin has recently broken out of a descending channel, a pattern often followed by an upward reversal. They anticipate a move towards the $0.1 mark.
While it may be unlikely for Dogecoin to reach $1 this month, the cryptocurrency is poised for notable upside potential. This could also benefit other meme coins with lower market caps, leading to significant gains.
One such alternative is Sponge V2, a project that recently launched its second iteration on the Polygon blockchain. The team behind Sponge V2 has introduced new Play-to-Earn utility, which has contributed to its growth.
The original Sponge token was launched in May 2023 and achieved immense success, reaching a market cap of $100 million and providing early investors with a 100x return on investment, all during a bear market. Now, with market conditions improving, the team has launched Sponge V2 to take advantage of the current bull market.
These factors have led to notable growth for Sponge V2, with a 35% increase since its launch and a 29% increase this week.
As Dogecoin and Sponge V2 continue to make waves in the cryptocurrency market, investors and enthusiasts eagerly await further developments and potential price surges.
Analyst comment
Positive news. The Dogecoin price has risen by 3% in the past 24 hours, outperforming the overall market. With continued bullish sentiment and a potential push towards the $0.1 threshold and beyond, there is a possibility of significant gains for Dogecoin. The acceptance of Dogecoin by luxury car manufacturer Ferrari and the breakout from a descending channel further support this positive outlook. Other meme coins with lower market caps like Sponge V2 may also benefit from this momentum. Overall, the market is poised for notable upside potential.
