- Stockmoney Lizards shared on X that they believe DOGE could make a bullish move soon.
- The post listed some technical indicators, as well as DOGE’s possible X integration as supporting reasons for their prediction.
- At press time, DOGE was worth $0.06235 after its price rose by 0.10% over the past 24 hours.
The cryptocurrency analysis page, Stockmoney Lizards, believes Dogecoin (DOGE) might make a bullish move soon. Although DOGE is often brushed off as a “shitcoin,” an X post shared yesterday by Stockmonay Lizards explained that the meme coin boasts one of the best charts.
The page specifically pointed out the parabolic growth curve on one of DOGE’s longer-term charts. This could be an extremely bullish sign for the altcoin as it can sometimes be an indicator of strong buying pressure and enthusiasm among traders and investors.
DOGE’s supply, or inflation, was also highlighted as a possible reason for DOGE’s impending price surge in the post. When DOGE was launched, it had a total supply of 100 billion DOGE, and an additional 5 billion DOGE coins have been added to circulation each year since.
Currently, DOGE’s supply stands at around 140.38 billion, and the inflation rate is set to gradually decrease over time. According to Stockmoney Lizards, by the year 2025, it is projected to reduce to 3.4% followed by a further decrease to 2.5% by 2035. The declining inflation rates are significant when considering the long-term value and stability of DOGE.
Ultimately, the analysts predict that DOGE’s possible integration into X will be its biggest ticket to success. In fact, Stockmoney Lizards believes that plans are already put in place for X to use DOGE as the company has obtained a license to store, transfer, and trade Bitcoin (BTC) and other cryptocurrencies.
Another factor to consider is the BTC halving coming up in 2024. In 2016 and 2020, this even had a positive effect on the leading meme coin, and Stockmoney Lizards anticipates that this could be the case again with the 2024 halving event.
In the last 24 hours, the price of DOGE experienced a modest increase of 0.10% according to CoinMarketCap, bringing its trading value to $0.06235. However, the cryptocurrency’s 24-hour trading volume decreased by over 5% and settled at approximately $192.75 million. It is worth noting that DOGE’s price was also able to climb by 2.30% over the past week.
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