Dogecoin endured another round of volatility amid a searing correction due to profit-taking, with prices dipping to below $0.30 in recent weeks.
It had since buoyed over that level and remained at $0.3093, a 1.14 percent drop in the last 24 hours, as per Coindesk.
The meme cryptocurrency should have reached the $0.35 level at this time, but its continued hovering at the $0.30 was due to the excessive amount of money buyers needed to have Dogecoin get above that level. This have been too costly for short-term buyers who are often stopped out on intraday trades, FX Street noted.
Dogecoin Price Prediction: Buyers Should Step In to Allow Surge to $0.35 Levels
It would seem critical to see if Dogecoin could stay above $0.30. To mount a further surge, buyers would need to step in and run the prices up. They should first put their stops a little below $0.30 to have enough room to play the trade and avoid being stopped out at the first test on $0.30. If they succeed, a surge towards $0.35 is possible in the next few days, if not higher.
This rosy forecast comes amid the stellar boost of Dogecoin's wife, "Wifedoge," which has been catching the attention of crypto investors as of late--including the "Dogefather" and Tesla CEO Elon Musk. Wifedoge surpassed a market capitalization of $2.3 million, a rise of a whopping 3,000 percent in one day. Benziga reported. The emerging token's capitalization, however, fell to $301,406 on September 2.
Despite this, Musk is seemingly engrossed over Wifedoge, a report on Entrepreneur said. It quoted developers of this meme cryptocurrency as being so sure of Musk's overwhelming support, they thanked him on Twitter.
Thank you Elon Musk❤️ I’m Wifedoge. Doge's wife! Now is the fourth day of launch at Pancakeswap! Thank you for tweeting to encourage Wifedoge 🤪Believe us, we will soon surprise global investors even more. Our project team is working hard#wfiedoge #dogecoin #doge #PancakeSwap pic.twitter.com/HAwvYKDjA7— WIFEDOGE (@wifedoge) July 25, 2021
They even announced reserving five percent of Wifedoge units for the South African business mogul. The Wifedoge account told Musk that they will offer the units at the right time, "otherwise the 5% of the tokens will be forever. locked."
WIFEDOGE PRESALE START ON DXSALEhttps://t.co/6g7nlv8sll— WIFEDOGE (@wifedoge) July 11, 2021
Reserve 5% of the tokens for Elon Musk. Give it to him at the right time, otherwise the 5% of the tokens will be forever. Locked#bsc #wifedoge #dogecoin pic.twitter.com/oX1IHFcMpC
According to Entrepreneur, Wifedoge emerged as an "inception" of cryptocurrencies, a parody of Dogecoin, which in turn is also a parody of Bitcoin. It was launched in July and was described as the "wife" of Dogecoin, but is actually a clone of the meme token.
On August 31, Wifedoge topped $2.32 million in market capitalization or 3,294.29 percent higher than the starting market cap of $68,350 from which it started the day before.
Wifedoge Eyes Equal Value With Dogecoin
Its creators are looking at having the value of each Wifedoge to be equivalent to one Dogecoin. This would be an impressive prospect, given that Dogecoin rose by 4,600 percent in a year and its main followers Musk and fellow billionaire Mark Cuban considering it as the "strongest" cryptocurrency.
But on Friday, Musk tweeted that "Time is the ultimate currency," making people think that he is doubting DOGE's strength.
Wifedoge offers a supply of 747 quadrillions, featuring safe auto-farming and locked liquidity, Benziga added.