Dogecoin’s (DOGE) price has been slowly climbing towards the $0.10 mark over the past two days, with the coin rising over 6%.
This price rise has led DOGE holders to speculate on how high the world’s largest meme coin could go in 2024.
Alongside Dogecoin, another meme coin gaining ground is Sponge (SPONGE), which is making headlines again following the huge announcement regarding its V2 token.
Dogecoin Starts Year with a Bang & Surges Over 6%
Dogecoin has started 2024 with a bang, surging to the $0.093 level after a period of bearish momentum.
This latest pump comes amidst growing trading volumes for DOGE, which exceeded $408 million in the past 24 hours.
From a technical perspective, DOGE has found support around $0.089 and is now trending towards the vital $0.10 mark.
If bulls can continue pushing DOGE higher, there’s a belief within the community that the coin could return to this level in the coming days.
Dogecoin’s renewed momentum aligns with the excitement and speculation typically seen in crypto during the first week of a new year.
Investors are buzzing about what 2024 may bring for DOGE and the crypto market in general.
With the meme coin market, in particular, experiencing renewed hype, many believe that Dogecoin is poised for another successful year.
At the time of writing, the meme coin market is valued at a whopping $22.9 billion, with over $944 million in daily trading volume.
How High Can Dogecoin Go in 2024?
Given that Dogecoin is off to a solid start in 2024, investors are now wondering how high DOGE can go this year if the momentum continues.
Some optimistic experts have even suggested that DOGE could rise 23,000% from its current price point.
However, analysts from CoinGape have provided a more measured forecast, estimating that DOGE could hit $0.12 in the coming month based on Fibonacci retracement levels.
For DOGE to achieve the heights that many believe it’s capable of in 2024, several factors could come into play.
Firstly, expanded real-world usage and merchant adoption would provide a clear reason to justify Dogecoin capturing more mainstream attention.
Secondly, if US regulators finally approve a spot BTC ETF, this could prompt institutional inflows across hundreds of crypto assets – including DOGE.
Lastly, Bitcoin’s next halving event, expected in April 2024, might act as an indirect tailwind.
All of these factors could combine to create the ideal environment for Dogecoin, meaning it may be an exciting year for DOGE holders.
Sponge V2 Token Resurrects Meme Coin Hype as Investors Pile Into SPONGE Ecosystem
While Dogecoin attracts most of the attention when it comes to meme coins, another project called Sponge (SPONGE) has recently resurfaced on crypto traders’ radars.
Sponge first launched in May 2023 as a playful community-backed token, quickly reaching a $100 million market cap and generating near 100x returns for early investors.
Now, with the announcement of an upgraded Sponge V2 token (SPONGEV2), the project is back in the news.
Sponge V2 aims to move beyond being just another no-utility meme coin by incorporating features like play-to-earn gaming and staking rewards.
The developers seek to incentivize greater engagement within the Sponge community, which is made up of tens of thousands of people across social media platforms like Telegram and Twitter.
If successfully executed, speculative hype could return – meaning meme coin enthusiasts who missed the original SPONGE bull run may have a second chance at obtaining sizable gains.
Currently, the only way to obtain SPONGEV2 tokens before their exchange debut is to stake SPONGE on the sponge.vip website.
At the time of writing, stakers can obtain yields of 493% per year, with over 3.2 billion tokens staked already.
Several prominent crypto influencers, including Matthew Perry, have also taken note of Sponge V2’s promising potential.
Ultimately, the announcement of Sponge V2 has brought back renewed hype to the project’s ecosystem – making SPONGE one of the most sought-after meme coins on the market right now.
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