Dogecoin (DOGE) has taken the spotlight this week, gaining over 26.9% and breaching the $0.255 mark.
Besides community-driven hype, one of the main catalysts for its success was its adoption as a key corporate treasury asset by Bit Origin. The crypto mining company aims to invest $500 million into DOGE, which could significantly boost its growth. Could we be about to see DOGE finally cross the $1 mark?
As DOGE’s rally sparks renewed interest in meme coins, investors seeking even greater returns are already joining the viral TOKEN6900 (T6900) meme coin presale. Following in DOGE’s footsteps of presenting zero utility, T6900 is seeing its community rapidly grow as hyper builds around the project.
DOGE Sets Sights on $1 as Bit Origin Drives Price Upward
Dogecoin entered the meme coin market with no complicated roadmaps or utility, and much of its success can be attributed to the strength of its community. However, it transcended the meme coin status, as it turned into a cultural phenomenon and is even accepted as a payment method across various physical and online stores.
Bit Origin’s CEO, Jiang Jinghai, expects both DOGE’s utility and value to grow in the future, which is why he decided to form a corporate treasury revolving around the leading meme coin. Now, Bit Origin aims to become the first public company “stacking DOGE at scale,” as it believes DOGE will soon become the backbone of payment systems.
With $500 million already secured for the company’s first major investment in the token, DOGE could be preparing to skyrocket, especially if more companies start adopting it. Dogecoin’s reaction to the news confirms that a bullish momentum is forming, as it surged from $0.2009 on July 12th to $0.255 today.
This brings DOGE just below $0.26, a crucial resistance level that acted as a ceiling during recent rallies. Chart analyst Crypto Rand believes a push beyond $0.26 would set the stage for a tremendous surge for DOGE, placing a target on the $1 mark.
https://twitter.com/crypto_rand/status/1946245575113843202/photo/1
According to DOGE’s technical indicators, it seems well-positioned to achieve this and push to a new all-time high (ATH).
Over the past 24 hours, DOGE’s open interest increased by over 10%, with the majority of traders expecting it to perform well in the short term. The token’s 3.44 long/short ratio reveals that only 22.5% of traders are shorting DOGE.
Additionally, its current price is well above its 50-day Simple Moving Average (SMA) of $0.18, suggesting that it can continue growing. Pointing to its repeating rounded bottom pattern, trader Crypto Elites is convinced DOGE can surge to $5 if buying pressure persists.
Dogecoin’s recent surge helped fuel a more than 40% growth in the meme coin sector, and its potential move beyond $5 could trigger another buying frenzy. As the market heats up, the TOKEN6900 presale appears well-positioned to benefit from this momentum.
Analyst Believes TOKEN6900 is the Next SPX6900: Best Meme Coin to Buy?
Like Dogecoin, TOKEN6900 is a project that aims to join the meme coin space without any utility. The only promise its developers make is that the token will be launched fairly once its presale concludes.
TOKEN6900 could draw power from the same source as Dogecoin, which is a vibrant and loyal community, especially since its anti-establishment stance could turn it into a social movement.
The token features the same disdain for modern financial institutions that can be seen in SPX6900 (SPX), a community-driven meme token that delivered some of the largest returns in the entire market.
Since its inception, SPX has grown by over 68,439,000% and became the 58th largest cryptocurrency, reaching a market cap of $1.67 billion.
Unlike SPX, however, T6900 offers a presale that has already attracted over $750,000 in early investments and caught the attention of crypto expert HotCuppaCrypto.
The expert pointed out that T6900’s current price of $0.0064 will only keep increasing as the presale goes on and reach $0.007125 in its final stage.
As DOGE sparks a new meme coin bull run, HotCuppaCrypto emphasizes that those investing in T6900 early could position themselves for 1,000x gains.
