Meme coin DOGE about to explode in price? That’s why a bull run for Dogecoin could be on the horizon

taketonews

Dogecoin lags behind other cryptocurrencies such as Bitcoin in its annual performance. But this could soon be over, say some industry experts.

• DOGE-1 satellite plans lunar mission
• Space activities bring Dogecoin back into the headlines
• Analysts see high price potential for DOGE

Since its launch in December 2013, Dogecoin (DOGE) has experienced enormous price fluctuations. The dog coin ignited the rocket on various occasions – especially when Tesla CEO and self-confessed DOGE fan Elon Musk published a bullish tweet about the meme coin. However, the euphoria usually subsided after a few days. Dogecoin is therefore an extremely volatile object of speculation, even for the volatile crypto sector.

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This year, however, things have remained quiet around the dog token developed by Billy Markus and Jackson Palmer. In terms of performance, DOGE lags behind the other tokens. Since the beginning of the year, Dogecoin, the ninth largest cryptocurrency in the world according to “CoinMarketCap”, has gained a good 30.23 percent in value at a current price of 0.089196 US dollars per token. However, investors with an investment in Bitcoin (plus 146 percent) or Ether (plus 86.66 percent) would have achieved a significantly better return over the same period (as of December 5, 2023). So DOGE still seems to have some catching up to do – but what are the chances of a Dogecoin rally soon?

DOGE-1 satellite attracts a lot of attention

Several analysts are of the opinion that the dog coin has huge price potential. In particular, the possible upcoming lunar mission of the DOGE-1 satellite could trigger a new bull run. The DOGE-1 satellite is a CubeSat mission planned by Geometric Energy that was fully funded by DOGE donations from members of the Dogecoin community. DOGE-1 was originally unveiled in May 2021 for a joint launch with Intuitive Machines and NASA. After several delays, the launch is now scheduled for January 2024.

According to an brought the start.

Physical DOGE “to the Moon”?

Once approved, the DOGE-1 satellite will be attached to a SpaceX Falcon 9 payload and collect lunar-spatial intelligence using onboard sensors and a camera. Once in lunar orbit, the satellite will explore the moon and display images and digital art on a small screen that will be transmitted to Earth. In addition, the screen of the DOGE-1 satellite will display advertising, images and logos, which will mean additional income for the project.

In parallel with the DOGE-1 mission, Dogecoin developers plan to send a physical Dogecoin token to the moon. This mission will be led by the Pittsburgh, Pennsylvania-based company Astrobotic, according to a post on the Dogecoin X feed. “Astrobotic plans to send a physical Dogecoin to the Moon in the DHL Moonbox on ULA’s Vulcan Centaur rocket on December 23, 2023,” writes Dogecoin on X. “Funded by our community in 2015, this mission represents a collective effort! ”

The mission is scheduled to launch on December 23 and will carry 21 payloads from governments, companies, universities and NASA’s Commercial Lunar Payload Services (CLPS) initiative.

Is Dogecoin about to breakout to the upside?

If the satellite mission is actually carried out successfully, it is to be expected that Dogecoin will increasingly make international headlines again. This increased attention could give DOGE a boost. In fact, it can already be seen that the announcement of the upcoming lunar missions alone has reignited interest in Dogecoin. “Kitco News” even writes about a “panic over ownership of the token” triggered by the lunar mission. The number of wallets holding DOGE recently reached a new all-time high of more than five million.

Market analyst Ali Charts sees major resistance for DOGE at $0.087: “This crucial level is marked by the convergence of the Fibonacci level of 0.786 and the EMAs of the 100 and 200 week lines,” estimates Ali Charts Chart situation of the dog coin. “Overcoming this hurdle could give DOGE the opportunity to almost double its price and aim for a target of $0.14,” says Ali Charts. The macro analysis firm Cryptollica is even more optimistic. According to Cryptollica, DOGE has bottomed out and bottomed out, which is now followed by a rapid trend reversal. Starting from an upward price channel, DOGE has the potential to reach $0.90 in the coming months and rise to $4 in the long term. This would indeed represent an astronomical rally, as DOGE’s previous record high is $0.7387 and dates back to May 8, 2021.

Editorial team finanzen.net



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