Dogecoin’s potential run to $0.1 amidst market challenges

Dogecoin is seeing its native token, DOGE, dance around the trading value of $0.07754. That is an increase of 1.91% in the last 24 hours. Interestingly, this is a slip of 10.73% in the last 7 days. DOGE has not been at its best since denying the week’s high of approximately $0.086. However, DOGE miners are on an admission to instill optimism among inventors by accumulating the token.

Reports have stated that miners accumulated 400 million DOGE coins from November 20, 2023, to November 22, 2023. That is, in two days, miners will have pockets out almost $30 million in accumulation. Predictions estimate that Dogecoin price can still inch at $0.10 by the end of this year. That is a far-fetched dream waiting to become reality only if investors buy the bullish sentiment.

Factors that have damaged the reputation, or trading value rather, of DOGE are the failure of SpaceX’s spacecraft and Changpeng Zhao stepping down from his position as CEO at Binance.

A larger relative factor is CZ’s resignation after pleading guilty to charges of Anti-Money Laundering. That has caused crypto enthusiasts to ditch BNB and explore other digital tokens. BTC and ETH have topped the list so far with UNI joining as a potential candidate.

Bitcoin price has even gained 0.20% in the last 24 hours for a valuation of $37,548.71 at the time of articulating this piece. It further represents a rise of 3.25% in the previous week. ETH is at $2,087.17, for a 0.48% rise in the last 1 day.

Simply put, investors are considering alternative courses of action if BNB crashes significantly in the absence of CZ as its leader. Although Binance has declared its intention to expand over the next half century, the token has yet to reflect this. This is demonstrated by the fact that BNB has declined 4.43% over the past week and is currently trading at $234.63 when this article is written.

DOGE miners have expanded their accumulation from 4.17 billion to 4.57 billion in 2 days. The Dogecoin forecast estimates that the token could touch $0.18 if such momentum continues. For an upward trajectory, efforts must be backed by investors at the earliest possible time.

Dogecoin has currently lost social volume, a factor determining the number of mentions that a digital token gets across social media platforms. The number has dipped from 448 to 112 as of November 23, 2023. This now means two things: crypto enthusiasts are actually looking at other tokens, or it is the right time to re-enter the Dogecoin market.

A smaller number of mentions is likely to bring the price down, making it economical for long-term sellers. As a matter of fact, short-term sellers can look into it as well, for a near increase will help fetch a better yield on their holdings.

The initial resistance is $0.080, following which a better picture of rallying up to $0.10 will start running.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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