Dogecoin Price Prediction As Tokens Built On Dogecoin Blockchain Reach Record Highs – Can DOGE Reach $1?

The price of Dogecoin (DOGE) has risen by 2% in the last 24 hours, rising to $0.074565 amid a similar gain for the cryptocurrency market as a whole.

DOGE’s current price means it’s up 3.5% over the past week, with the meme token down 20% over the past 30 days, but up 6% YTD.

Despite its underwhelming performance in recent weeks, DOGE’s rise today comes as data emerges showing that transactions on the Dogecoin blockchain have surged to an all-time high, driven largely by the issuance of new DRC-20 tokens.

Given this increase in demand for space on the Dogecoin blockchain, DOGE may therefore continue to see increases in the coming weeks and months, with more of the token needed to pay transaction fees.

Dogecoin Price Prediction As Tokens Built On Dogecoin Blockchain Reach Record Highs – Can DOGE Reach $1?

DOGE is clearly on the rise at the moment, but what’s encouraging about this is that it looks like it could still be a long way from reaching a top.

Most notably, the coin’s 30-day moving average (yellow) overtook the 200-day (blue) yesterday, forming a “golden cross” that tends to signal a breakout to a new level.

This level may have already been reached, given that DOGE failed to break the $0.075 resistance level (red), but it has started to rise again and may test this ceiling in the next few hours.

Its relative strength index (purple) suggests the kind of continued momentum that could help it reach new levels, with the RSI rising back above 50 after a brief dip below earlier today.

And more fundamentally, the fact that the Dogecoin blockchain is currently witnessing more usage points to a steadily rising DOGE price.

It appears that what is happening is that users are rushing to mint Dogecoin’s own version of Bitcoin’s Ordinals, using the DRC-20 token standard to create NFTs.

While it’s not clear how long such a trend might last (and Dogecoin developer Patrick Lodder has cast doubt on its longevity), it at least provides an example of Dogecoin showing some kind of utility.

And given that Dogecoin offers lower fees than Bitcoin and a larger block size, it is arguably a more useful vehicle for minting NFTs than the original cryptocurrency.

As such, increased transaction levels could become a more permanent phenomenon, potentially supporting DOGE’s price.

In the short term, however, it could easily fall again after this short-term rally, given that some whales appear to be preparing to sell.

But DOGE remains undervalued and oversold, meaning it’s still potentially a good time to buy the token, before it sees bigger gains.

Such gains could end if the Dogecoin community’s wildest dreams come true and Twitter introduces cryptocurrency and DOGE payments, as suggested by reports that the social network is pushing ahead with its digital payment plans.

If Twitter goes ahead and does this, there is no doubt that DOGE could go through a series of major levels, moving to $0.1, $0.5 and then potentially to $1.

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AiDoge can be better

Given that the effect of Doginals on Dogecoin activity may be short-lived, it may make more sense for investors to place their attention with fundamentally stronger coins.

In fact, one particularly promising avenue right now is presale tokens, which could potentially see big gains when they list on exchanges, especially if they belong to interesting platforms.

A good example of this is provided by AiDoge, an AI-powered meme-generating platform that has already raised over $9 million since the offering for the original token $AI started at the end of April.

AiDoge combines advanced AI algorithms and extensive datasets to generate memes, with the only input needed from the user being a short text-based description of the meme they want to generate.

From there, users can upvote and downvote generated memes, which can earn creator rewards in $AI if they get enough votes.

On top of this, $AI can also be used to stake and pay to use AiDoge’s meme-generating features, giving the token some real utility.

Investors can take part in the pre-sale by visiting AiDoge’s official website and connecting to their wallet, before using ETH, BNB, USDT or fiat currency to buy $AI, which currently costs $0.0000308.

This price will rise to $0.0000312 during the next phase of the sale, while $AI will be listed on exchanges at $0.0000336, although the fundamentals may push it much higher soon after.

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