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The Dogecoin price could finally breakout, with the GameStop frenzy spurring on a meme coin rally.
Dogecoin’s tepid price action has been disappointing thus far. For instance, Doge is currently down 11% over the past 3 months, despite meme coins dominating the bull market.
However, investors are not giving up on the meme coin leader. Popular investor Kaleo (@CryptoKaleo) has highlighted that Dogecoin season may now be around the corner, with the GameStop mania and its advocate Roaring Kitty making a comeback.
Other doge-related meme coins are also in high demand. For instance, a new play-to-earn meme coin PlayDoge has raised close to $1.5 million in its presale. Experts have been quick to call PlayDoge the next 100x meme coin.
Summary
The Strong Correlation Between GameStop and Dogecoin – Will Doge Finally Breakout?
The aforementioned trader Kaleo has highlighted a strong historical correlation between Dogecoin and GameStop.
In a recent X post, he states, “Dogecoin started sending right after GameStop hit its peak in early 2021”.
Kaleo further explains the reason behind his optimism, stating that Doge typically shows long periods of sideways consolidatory price action before going vertical.
In another post, he explicitly signals not to dismiss a major Dogecoin rally, especially once the GameStop stock price hits its peak.
As such, the Dogecoin price is up 2%, following Roaring Kitty’s comeback on his social media accounts. On Reddit – where he goes by the moniker “DeepFuckingValue” – the trader revealed that he holds over $116 million of GME common shares and $65 million of GameStop call options.
He then took to X to post another meme, this time the iconic “UNO Reverse”.
Following his disclosure, the GameStop stock price has surged by 71% in pre-market. Meanwhile, the GME meme coin on Solana is up by 230%.
Will Dogecoin Hit $1 In 2024?
Experts have been in consensus that the Dogecoin price will hit $1 during this bull cycle.
Quite simply, Doge’s previous all-time high is $0.74 and since crypto assets typically outperform their previous cycle’s peak, $1 emerged as a viable price target.
However, the meme coin will have to face several hurdles. Firstly, Doge needs to flip the $0.166 – $0.171 resistance zone into support. It is currently the most important demand zone, with over 75,500 addresses acquiring over 10 billion $DOGE between these levels.
The next major resistance stands at $0.32.
The meme coin will need an additional boost from billionaire Elon Musk. Musk has typically been responsible for most of Dogecoin’s major upside moves over the past few years.
The Federal Reserve adopting a dovish monetary policy would also help Doge reach the $1 price target.
Is PlayDoge The Next 100x Meme Coin?
It is no surprise that new meme coins are in significantly high demand during this bull cycle. While most utility-less tokens only display pump-and-dump price action, experts believe PlayDoge ($PLAY) may have the potential to deliver 100x returns.
PlayDoge is a play-to-earn meme coin, combining the iconic Doge with the nostalgia of Tamagotchi. Indeed, the game allows players to own their own Doge pet and win free crypto by completing Tamagotchi-style tasks.
Unsurprisingly, PlayDoge has quickly raised over $1.5 million in its presale in less than a week. The strong early demand is typical of meme coins that display a major upside after their launch.
As mentioned, winning free crypto is one of the significant factors driving PlayDoge’s demand. Players can complete several 8-bit, 2D side scrollers to earn $PLAY rewards and gain more XP points. Leaders with the most XP will earn additional bonus rewards.
However, players who even neglect to do the basic activities of training, feeding and playing with their pet will have to watch it die or run away to another house.
Investors buying the PlayDoge meme coin during the presale can also stake their holdings. According to the project’s staking dashboard, the current reward rate is over 200%, well above the industry standard.
Interested buyers can head to the playdoge.io website and use the over-the-counter widget to purchase the meme coin. Investors can also follow its X or Telegram accounts to keep updated with the latest on PlayDoge.
*Cryptonomist did not write the article or test the platform.
