Elon Musk, the tech mogul known for his influence on cryptocurrency markets, may be quietly backing Dogecoin once again.
While there hasn’t been a direct, overt endorsement, recent Twitter activity suggests that Elon Musk is subtly promoting the meme coin.
Elon Musk’s interactions with the Dogecoin community, such as retweeting posts from its designers and supporters, have raised eyebrows among investors.
These subtle hints could be a precursor to a more significant push, potentially driving up Dogecoin’s price.
Dogecoin price prediction
Currently trading just $0.106, Dogecoin has risen 2% today. Although it has dipped about 2% this week and 1% this month, positive sentiment surrounds Dogecoin, especially with a market cap of around $15.5 billion, making it the 8th largest cryptocurrency and the top meme coin.
Analysts suggest Dogecoin could reach $0.15, last seen in June. The relative strength index (RSI) sits at 56.1, showing rising demand. This trend indicates that buying pressure outpaces selling activity, putting Dogecoin in a moderately bullish zone with room for more gains.
Recent data shows a 39% increase in accumulation among large holders—those owning over 0.1% of the total supply—over the past week. This rise in whale activity reflects growing confidence among major investors, suggesting that if these trends persist, Dogecoin might gain even more.
Elon Musk’s influence is strong, especially as Bitcoin recently surged to just under $63,000, reaching a 30 to 45-day high. With the market sentiment shifting towards greed, shown by a fear and greed index reading of 50, Dogecoin stays solid, outperforming competitors like Shiba Inu.
Two main factors driving Dogecoin’s positive outlook are its ongoing adoption and Elon Musk’s recent social media activity.
An official Dogecoin tweet on September 10 highlighted a successful transaction at a University Sports Grill, showcasing real-world use of the cryptocurrency. Promotions like a 25% discount for Dogecoin payments further boost interest.
Elon Musk’s Twitter activity includes retweets that increase Dogecoin’s visibility. His interaction with Dogecoin’s graphic designer signals a strong effort to raise the coin’s profile. With Elon Musk’s large following, any positive mention can greatly influence Dogecoin’s market presence.
As excitement grows around Dogecoin, analysts feel optimistic about its future, especially if Elon Musk continues to show support. The current market conditions suggest a good chance for a price surge as the cryptocurrency sector starts to bounce back from recent lows.
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Could Pepe Unchained become the next big meme coin?
Alongside established meme coins like Dogecoin, a new coin is generating excitement even before its launch: Pepe Unchained. This project has recently surpassed the $14.6 million mark in its presale.
Currently, investors can purchase $PEPU tokens in the ongoing presale for just $0.00983 each. The team accepts payments via ETH, USDT, BNB, and credit/debit cards. In a recent announcement, the team revealed plans to time the exchange launch for “maximum impact” on price growth.
Although the team has kept details under wraps, they have hinted that the upcoming exchange listings are “Tier-1,” which has caught investors’ attention. A major exchange listing, like Binance or OKX, can significantly raise a new token’s value, making this project even more exciting.
The Pepe Unchained team recently introduced developer grants called “Pepe Frens With Benefits” to enhance their ecosystem.
Alongside the launch of the $PEPU token, every feature of the Pepe Unchained Layer 2 will be live.
• Chain
• DEX
• Block Explorer
• Bridge
• And more…All systems go at token launch! A complete ecosystem ready for you.
— Pepe Unchained (@pepe_unchained) September 18, 2024
These grants aim to attract creative developers to their Layer-2 chain, encouraging early projects like dApps, NFTs, and DeFi tools. This approach seeks to build a strong ecosystem from the start, like planting seeds for future success.
Focusing on real, usable applications could be a smart move in a competitive Layer-2 sector. By creating its own Layer 2 solution, Pepe Unchained positions itself among rivals like Polygon, Immutable, Arbitrum, and Optimism.
In addition to Layer 2 solution, early $PEPU supporters can take advantage of a “double staking” feature that currently offers a 143% APY, although this will decrease as more people stake. Over 1.1 billion $PEPU tokens are already staked.
Pepe Unchained is also attracting attention from significant investors. Earlier this month, whales made substantial purchases, including transactions of 23 ETH and 10 ETH. Such whale activity often signals bullish sentiment, suggesting that these large investors believe in the project’s potential.
This trend indicates that investors remain willing to buy low-cap coins with high price potential. To participate in the $PEPU token presale, go to pepeunchained.com.
Related
- Dogecoin Trading Volume Soars as Crypto All-Stars Hits $1.2 Million in Presale – Could It Challenge $DOGE’s Meme Coin Dominance?
- Could a Breakout Trigger Huge Gains for $DOGE, or Could Pepe Unchained Spark the Next Big Rally?
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