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The crypto market has recovered after a brief pullback today, and Dogecoin has enjoyed an explosive rebound, up 6%.
Meanwhile, the new Dogecoin-inspired meme coin Dogeverse surged past $7.5 million in its presale, hinting that this could be the next crypto to explode.
DOGE bounces as traders take long-term bullish stance
Dogecoin’s recent bounce outpaces the market average. Today, the total crypto market cap is up by 4.6%, while Dogecoin is up 6%.
The DOGE price is also up 17% this month but remains down 23% this week.
It currently has a $21 billion market cap and a $2.4 billion 24-hour trading volume, up 15% from the previous day.
Analysts are looking beyond its short-term price action, instead focusing on the bigger picture.
Max Schwartzman, CEO of Because Bitcoin and prominent meme coin analyst, recently speculated on Dogecoin’s macro potential. According to the analyst, the market is nearing a phase where Dogecoin could extend its share of the total crypto market cap.
The analyst explained, “Look at what happened last cycle when Bitcoin went into clear price discovery! Doge.D (Dogecoin dominance) became much larger.”
He continued, “Doge is the king altcoin… it’s even older than ETH. If DOGE can make a big push up here this quarter, it will drag most all other altcoins with it. IMO, the best is still yet to come, and this is the season of risk we’re potentially entering into.”
Meanwhile, a popular tweet from commentator Rafaela Rigo forecasts Dogecoin will surge to $1 this cycle.
“Price expectation for this cycle is above $1.00. I would like to see 25X from its lower price point for my first target. The short term is still bearish, and the entry price can be lower. But I am in,” wrote the analyst.
Prominent trader The CryptoBull also anticipates a new ATH for Dogecoin this cycle.
However, in a nod toward Dogecoin alternatives, The CryptoBull says that “holding solid Dogecoin-betas should not be underestimated.”
One of the most promising new Dogecoin-related projects is Dogeverse. It is undergoing a presale and has raised a whopping $7.5 million in its opening weeks.
Could Dogeverse be the next Dogecoin?
With such momentum already generated, it is easy to see how this newer, lower-market-cap Dogecoin alternative is poised for a bright future.
However, Dogeverse is more than a run-of-the-mill Dogecoin derivative. The new project has made an unprecedented feat, launching on the six hottest smart contract-enabled blockchains.
The move primes Dogeverse for ubiquitous accessibility, ensuring price stability amid the fickle and fast-changing meme coin landscape where traders often hop between chains.
Dogeverse is the only meme coin protected against this risk. Launching on Ethereum, BSC, and Polygon, it will soon bridge to Solana, Base, and Avalanche.
The project’s multichain approach also interconnects the once differential blockchain communities, uniting them under the banner of “Cosmos the Chain Hopping Dog.”
Indeed, with $7.5 million raised so far, this is the perfect time for market participants to secure their tokens before word spreads.
Presale investors can also stake their DOGE20 tokens, earning passive rewards valued at a 143% APY. This yield will decrease as more tokens are staked, so potential buyers should not wait around.
In a two-pronged approach to rewarding early adopters, the Dogeverse presale price will increase throughout the campaign. The next uptick will come in one day or when the total raise hits $7.9 million.
To learn more about this project, visit the Dogeverse presale website.
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This article first appeared at crypto.news
