Dogecoin has returned to the top 10 cryptos by market capitalization with today’s momentum move. But why is Dogecoin going up?
Dogecoin Price Now
Dogecoin price is now just below $0.09 at the time of writing, printing a +15% daily candle.
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Why is Dogecoin going up?
Dogecoin is still down 88% from the ATH of $0.74 reached in May 2021 – what is causing the latest DOGE price surge?
Bearish case for Dogecoin
Some market commentators speculate that when alts like Dogecoin, Shiba Inu, Litecoin, etc. pump, it tends to signal the end of a short-term market cycle – in this case, marking the final phase of a bearish rally.
Which indicates that Bitcoin ended its move higher by finding resistance at $25,000, Ethereum stalled at resistance at $2,000, and some of that money has now been reduced to a few altcoins allowing them to pump, before all the crypto market cap continues. to the downside, another leg of the macro bearish trend that started in November 2021.
Bullish case for Dogecoin
Other traders are optimistic that a “meme coin season” or “crypto dog summer” could be possible – similar to the DeFi summer and Metaverse summer trader races of 2021 – allowing the best coins to make a comeback and new ones to also enter the market.
Dogecoin recently completed its Dogecoin Core 1.14.4 upgrade which was a host of “under the hood” technical fixes such as lowering the dust limit and other improvements to its blockchain. Elon Musk also responded to the news of the breakup on Twitter.
Dog Crypto presales are working well
In addition to the “meme coin summer” affair, many recent meme cryptocurrency projects have done well, selling their pre-sale early and then pumping to ICO or IDO as investors flock to buy potentially the next Dogecoin.
Tamadoge presale raises $4.3 million
Tamadoge (TAMA) is a game to earn rewards token and in-game currency of upcoming Tamadoge Pets game and Battle app.
Players will earn TAMA while battling with their Doge virtual pets, represented by NFTs, combining the appeal of meme coins with added utility as a native token of a P2E crypto game.
This new meme piece has so far raised over $4.3 million during its presale, which has a hard cap of $19 million.
Find the white paper and the roadmap here
Their official Telegram also surpassed 25,000 members after posting details of a $100,000 airdrop.
Will Dogecoin Recover?
Dogecoin still has a market capitalization of over $11 billion – approaching $12 billion after today’s +15% price move – and its upside potential may be limited.
DOGE would need to topple more successful cryptocurrency projects by market capitalization to climb the ranks of the top 10 coins – many of which are considered top cryptos such as Solana and Binance Coin, as well as other popular altcoins Cardano and Ripple ( XRP).
Visit Tamadoge in presale now
Dogecoin is also inflationary with an infinite supply, which partly explains its retracement over the past year. The Tamadoge white paper, on the other hand, explains how TAMA has a fixed maximum supply and is deflationary, with a 5% token burn on all Tamadoge store transactions when players buy food and resources for their pet. Tamadoge.
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Why DOGE Goes Up – Dogecoin Price +15%, TAMA Presale Reaches $4.3M | Cryptocurrency
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