Dogecoin (DOGE) has had mixed fortunes lately.
The coin rose throughout March but fell dramatically in April and early May.
However, despite DOGE’s volatility, many traders remain bullish on its long-term prospects.
Some traders are also bullish on the new meme coin project Dogeverse (DOGEVERSE) – which has raised over $13 million during its token presale event.
Wild Ride for DOGE Holders After Coin Hits Two-Year High
It’s been a wild ride for Dogecoin in the past few months.
Meme coin mania was in full swing in February and March, and DOGE benefited immensely, hitting a high of $0.228 on March 28.
That marked the highest level for DOGE since way back in November 2021.
This epic bull run began gathering steam in October 2023, with DOGE ultimately racking up a 302% gain before hitting March’s peak.
However, since that peak, DOGE has retraced around 35% of its gains.
In fact, DOGE was actually down 47% last week before the coin rebounded slightly.
Dogecoin’s dip can likely be attributed to a couple of factors.
First, the broader crypto market has taken a hit, with Bitcoin’s (BTC) price retreating from all-time highs.
And when Bitcoin struggles, the rest of the market tends to follow suit.
Secondly, the meme coin mania that fueled DOGE’s surge has cooled off.
As a result, many investors have opted to take profits – prompting sell-offs across the entire space.
Analysts Remain Bullish on Dogecoin Long-Term
Despite the recent pullback, many believe Dogecoin’s long-term bullish trajectory remains intact.
After all, the coin has repeatedly proven that it can shake off the naysayers and continue to rally, regardless of the market conditions.
The technicals paint an encouraging picture for DOGE long-term.
DOGE formed a double-bottom pattern on the daily chart around $0.124 last week, suggesting strong support at that level.
What’s more, it’s still trading comfortably above the crucial 100-day exponential moving average (EMA) on the daily time frame.
Then there are the spot volumes to consider – a whopping $1.1 billion in trading for DOGE in the past 24 hours.
That makes it the 10th most traded cryptocurrency globally, highlighting the immense interest still surrounding it.
Respected analysts are echoing the bullish sentiment, too.
Crypto Daily Trade Signals recently tweeted that Dogecoin was “building a strong base” before potentially pumping to $1.
When experts like these start talking about the dollar mark, it might just be time to start stocking up on DOGE.
New Meme Coin Dogeverse Draws Bullish Forecasts After Raising $13M
While Dogecoin continues its rollercoaster ride, another dog-themed crypto has been gaining attention – Dogeverse.
Some high-profile voices, like Jacob Bury, believe this multi-chain meme coin could be gearing up for a massive pump once it lists on exchanges.
So, what exactly is Dogeverse?
It’s a coin inspired by the iconic Doge meme, much like Dogecoin and Shiba Inu.
However, Dogeverse stands out by existing simultaneously across multiple blockchains – Ethereum, Polygon, BNB Chain, Solana, Avalanche, and Base.
This multi-chain approach offers increased accessibility and the potential to use the strengths of different networks.
In addition, Dogeverse is building a passionate online community and offering further use cases.
For example, DOGEVERSE holders can stake their tokens and earn yields as high as 71% per year.
This multi-chain, staking-enabled approach could be the recipe for Dogeverse to establish itself as more than just another meme coin.
No wonder the project’s Twitter page has attracted over 14,000 followers in just a few weeks.
At the time of writing, Dogeverse is in the final stage of its presale phase, offering early bird discounts to those looking to get in on the ground floor.
DOGEVERSE tokens can be purchased for $0.00031 – a price that’s only available for a narrow window before the token makes its DEX debut in the near future.
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