Why Dogecoin Could Climb 40-70% After Falling Below Toncoin, According to Analytical Platform
Elon Musk-inspired crypto meme asset Dogecoin (DOGE) has been poised for a 40-70% upswing despite the episodes of declines that saw it lose its spot to Toncoin in cryptocurrency rankings.
🚨 BREAKING: In the previous week, whales purchased over 45 million #Toncoin [ $TON ], amounting to approximately $346.5 million in value.
With a market capitalization exceeding $18.8 billion, #TON has outpaced #Dogecoin's # #DOGE [ $DOGE ].
Consequently, Toncoin has elevated… pic.twitter.com/2nBhtbT0J4
— CoinEcho (@mycoinecho) July 1, 2024
For context, apart from a slight 24-hour upswing, Dogecoin recorded declines of about 0.7% and 22.8%, respectively, in its 7-day to-date and month-to-date statistics, underscoring the declines that saw the coin relinquish its position to Toncoin on crypto standings.
On its part, TON has registered increments across several specified periods, underscoring the coin’s tremendous run in recent weeks. According to Toncoin’s price chart, its 7-day-to-date, 14-day-to-date, and 30-day-to-date variables saw increments of roughly 6.7%, 14.5%, and 23.1%, respectively.
DOGE Fair Price Actions Relative To TON’s Stellar Market Activities
At the time of writing, popular crypto assets tracker platform CoinMarketCap revealed DOGE’s selling price to be approximately $0.124, having recorded a slight 0.3% decline from the previous day. The world’s number one meme coin controls a market cap of roughly $17.99 billion; it is the ninth most valuable asset and boasts a 24-hour trading volume, estimated around the $388.99 million price region.
On the other hand, Toncoin (TON) is changing hands at about $8.03, reflecting a 5.45% surge in the past 24 hours. TON is currently ranked the eighth most valuable crypto asset, with a market capitalization of about $19.7 billion after spiking by about 4% in the past 24 hours; its trading volume registered a massive 54.55% surge with a $279.77 million valuation.
Why Dogecoin Could Climb 40-70%
A crypto analytical platform on X Coinpedia Markets remains bullish on the token, citing why Dogecoin could climb 40-70% soon. Interestingly, the analytical platform’s estimation stemmed from Dogecoin’s previous cycle, which resulted in considerable price increments for the token.
Whenever #Dogecoin $DOGE broke out from $0.1296 level, we saw significant surges: 40% on March 4, 69% on March 28, and 41% on May 2. 🔥#DOGE is now very close to surpassing this level again.
If it breaks out, we could see a 40-70% surge, potentially reaching $0.21182! 🚀 pic.twitter.com/vGbCzi0PbE
— Coinpedia Markets (@MarketCoinpedia) July 1, 2024
Critical Price Level Heralding Why Dogecoin Could Climb 40-70% Soon
According to Coinpedia Markets, breaking above the $0.1296 price level has proven significant in driving DOGE’s price ascent in recent times. Remarkably, the analytical platform noted that following a successful spike above the highlighted price level earlier this year, Dogecoin recorded price appreciations ranging around 40% on March 4, 69% on March 28, and 41% on May 2.
Going further, the platform stated, “DOGE is now very close to surpassing this level again. If it breaks out, we could see a 40-70% surge, potentially reaching $0.21182!”
Implications Of DOGE At $0.21182
Considering Dogecoin’s $0.73 all-time-high (ATH) attained in May 2021, and also the peculiar fact that DOGE visited prices around the $0.2 price region at some point this year, it becomes relatively safe to say that the $0.21182 prediction by Coinpedia Markets is a feasible one.
Meanwhile, With Dogecoin’s present 144.94 billion circulating supply, a potential selling price ascent to $0.21182 will see the token’s market cap attain a $30.7 billion market cap valuation, which invariably implies that if the prediction happens as projected, DOGE could reclaim a higher spot than its previous position on cryptocurrencies rankings by displacing Toncoin and XRP.
The above will only happen if Toncoin and XRP fail to record any significant price increment within the window that will orchestrate Dogecoin’s projected $0.21182 price ascent. How events unfold remains fluid. However, DOGE enthusiasts will hope that the prediction plays out for them to earn reasonable profits.
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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