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The Dogecoin price has soared 24% to trade for $0.1616 as of 5:10 a.m. EST time as trading volume skyrocketed 85%.
DOGE, the Bitcoin of meme coins, is taking its cues from BTC, with the two tokens sharing a correlation of 87%.
Dogecoin creator, Billy Markus, corroborated this relationship. He supports the fact that the dominance of Bitcoin enables its movement to signal a surge in altcoin prices. Markus believes that Bitcoin traditionally sets the pace for market trends.
Creator of Dogecoin (DOGE) reveals correlation between Bitcoin price and altcoins Billy Markus, the creator of Dogecoin, recently provided insightful perspectives on the relationship between Bitcoin price movements and the subsequent behavior of altcoins. He shared his views on…
— Sole Fabian (@SoleFabian49188) March 4, 2024
One trader and analyst, @milesdeutscher on X has observed that the ongoing meme coin pump, specifically among the sector veterans like DOGE and Shiba Inu (SHIB) is bringing a lot of retail back into the market.
This meme coin pump and “old” coin pump is bringing a lot of retail back into the market.
This is obviously bullish for prices overall.
But it’s also reflexive.
Price goes up > retail comes back > retail buy “old” coins that pumped last bull/meme coins etc.
Take note.
— Miles Deutscher (@milesdeutscher) March 4, 2024
Meanwhile, there is also incredibly speculation of a DOGE exchange-traded fund (ETF), a narrative that subtly continues to drive the token’s price. Andrew Kang, a crypto enthusiast, puts the odds of a DOGE ETF launching at over 30%, citing recent regulatory developments.
In the meantime, Securities and Exchange Commission chair Gary Gensler might have other ideas.
Kang also acknowledges the possibilities that could come if a Republican administration takes office in the 2024 US elections.
I put odds of eventual $DOGE ETF at >30%. Anything is possible with recent regulatory developments, Trump winning the presidency and Doge being the most decentralized alt
Everyone is talking about the ETH ETF trade but no one is talking about the $DOGE ETF trade pic.twitter.com/8ujjRyty4d
— Andrew Kang (@Rewkang) March 4, 2024
It is Kang’s opinion that Dogecoin price could benefit the most considering DOGE is the most decentralized altcoin.
Dogecoin Price Prognosis Amid Speculation Of A DOGE ETF
The Dogecoin price has recorded an intra-day high of $0.1718 on Monday, before a quick pullback. However, the upside potential remains strong, with the lead meme coin likely to recover this local peak. The odds favor the upside, with the technical indicators leaning in support.
Notice the Relative Strength Index (RSI), steeply northbound, a sign of rising momentum. Its position above 70 notwithstanding, DOGE is still not ripe for selling as the momentum indicator continues to record higher highs.
The breakout has Dogecoin price well above the support offered by the ascending trendline, sustaining the gains as DOGE aims for the $0.1800 psychological level.
The bulls are also steady, clinging firm with a sturdy presence in the DOGE market. This is seen with the growing volumes of green histogram bars of the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) in positive territory. Increased buying pressure could see the largest meme coin by market capitalization reclaim the peak price, with the potential to record a higher range high above it.
TradingView: DOGE/USDT 1-day chart
Converse Case
On the flip side, however, the Dogecoin price is at high risk of a correction, as seen with the position of the RSI at 91. Investors looking to open new DOGE long positions should probably exercise caution, and not give in to the fear of missing out (FOMO).
If the bears seize the market, the Dogecoin price could quickly correct, potentially losing all the ground covered as the week starts. A break and close below $0.1341 would threaten the intermediate trend, but the bullish outlook would only be invalidated upon a candlestick close below the 50% Fibonacci retracement level at $0.1127.
Meanwhile, investors looking for meme coins that are not FOMO-driven should probably consider Scotty the AI, a dog-themed meme coin whose concept has merged with AI. It could be the next meme coin to explode, with YouTube crypto analyst Jacob Bury anticipating a potential 10X surge on listing.
Promising Alternative To Dogecoin
Scotty AI, presenting as the guardian of digital realms, boasts unmatched insight into the inner workings of blockchain technology. He stays current on blockchain, and cryptocurrency advancements with his advanced AI system.
With AI and Crypto Becoming Increasingly Involved, Investors Look to Scotty The AI (SCOTTY) For Future Gains
join presale athttps://t.co/zRmy4g8hfWhttps://t.co/3LfNjV8NJz
— Scotty The Ai (@ScottyThe_Ai) February 13, 2024
The hallmark of Scotty is to analyze complex algorithms and code with ease, spotting patterns and anomalies that even the most skilled human programmers would miss.
It is ranked among the top upcoming cryptocurrencies, and is currently in the tenth round of its public sale, where each Scotty AI token is selling for $0.0068. So far, presale sales have reached upwards of $1.867 million as it races towards its $1.972 million target.
Can Scotty the AI (SCOTTY) Help Crypto-Based AI Technology Break into the Mainstream? Investors Think Sohttps://t.co/wPlPeXEyGI
— Scotty The Ai (@ScottyThe_Ai) February 18, 2024
The project also has a staking function. Scotty AI token rewards will be distributed to users at a rate of 82.5 $SCOTTY per ETH block. Rewards will be payable over 3 years and are determined by an individual staker’s share of the staking pool and annual returns percentage. Staking rewards are as high as 81% per year with over 160 million tokens already staked.
Investors can buy the token using Ethereum (ETH), Tether (USDT), or bank cards.
Do not miss the stage four price as it will only last for about another nine days. With the presale tokens selling fast, investors are already anticipating this AI crypto coin breaking into the mainstream soon.
Visit and buy Scotty the AI here.
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