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Dogecoin Price Prediction - Can DOGE Hit $0.1 in June? New Token Wall Street Memes Raises $1m

--News Direct--

Dogecoin, the original meme coin, was one of the biggest winners of the crypto explosion in 2021. DOGE gained an astounding 190,000%, minting many new crypto millionaires along the way.

However, DOGE is now down more than 85% from its all-time high and has been trading sideways since the start of the year. Many traders are wondering if this meme coin has gas left in the tank to make a run above the key price level of $0.10 this June.

Meanwhile, the success of Dogecoin has spawned an entire sector of explosive meme coins. One of the newest of these is Wall Street Memes ($WSM), which has rapidly gained traders’ support and could eclipse the success of DOGE.

DOGE Price Prediction—$0.060 More Likely Than $0.10

Since the beginning of 2023, DOGE has traded in a channel between $0.070 and $0.097. The token has so far been unable to break through resistance at $0.097 and make a break above the key psychological threshold of $0.10.

Unfortunately for Dogecoin supporters, that seems unlikely to change in the near future. DOGE is currently trading at $0.073 and seems more likely to break below its support than upward through resistance.

Part of the problem for Dogecoin is that traders are mainly focused on other meme coins right now. The rise of competing meme coins like PepeCoin encouraged traders to move cash from DOGE to PEPE and then on to other emerging meme coins in search of profits.

This has manifested as significantly reduced trading volume in DOGE. According to CoinMarketCap, trading volume in DOGE is now around $188 million. As recently as April, daily trading volume was over $1 billion.

Dogecoin has no inherent utility, so any reduction in demand can have a significant negative impact on the price of DOGE. With more meme coins launching on the heels of PepeCoin’s success, it appears that traders may be focused on tokens other than DOGE for the foreseeable future.

If Dogecoin does break below its support at $0.070, its next support level is at $0.060.

Wall Street Memes Raises $1 Million in 72 Hours

While Dogecoin falters, another meme coin is quickly gaining support from traders. Wall Street Memes ($WSM), a coin designed to make fun of the greed and absurdity of Wall Street, raised $1 million in the first 72 hours of its presale, which launched Friday.

That sets Wall Street Memes up as one of the hottest crypto presales of the year so far. The project has an ambitious presale hard cap of $30.577 million, and its initial success suggests that Wall Street Memes could rocket higher following an ICO.

The project has a veteran development team and strong community support behind it. The team building Wall Street Memes was responsible for the Wall St Bulls NFT collection, which sold out within 32 minutes of its launch in 2021. The team is now also developing an Ordinals NFT collection that NFT traders are bullish on.

The project team has close ties with Reddit’s r/WallStreetBets community, which has more than 400,000 combined social media followers and has been making fun of Wall Street for years.

Another aspect of Wall Street Memes that has investors excited is that the project team has not allocated any $WSM to itself. The project is entirely community-driven and 100% of the supply is available for the community.

The presale, which anyone can join, has allocated 50% of the 2 billion token $WSM supply. The first two stages are already sold out, but presale investors can still buy $WSM at a price of $0.0256. That’s more than 30% below the planned list price of $0.0337.

In addition, presale investors can enter for a chance to win $WSM through the Wall Street Memes airdrop. Five lucky investors will each win $10,000 worth of $WSM.

Visit Wall Street Memes Presale

DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.

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Alex Brown

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View source version on newsdirect.com: https://newsdirect.com/news/dogecoin-price-prediction-can-doge-hit-0-1-in-june-new-token-wall-street-memes-raises-1m-221431517

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