The Dogecoin price has increased by 5% in the last 24 hours, returning to $0.1087 as the cryptocurrency market recovers some of the losses from this week’s selloff.
Concerns about wider conflict in the Middle East and the SEC’s appeal against Ripple had initially driven prices down earlier this week, but Dogecoin’s recent rally has helped mitigate some of those losses.
Despite being down by 11.5% over the past week, Dogecoin is still up by 12.5% over the past month and 78% over the past year.
This longer-term momentum is promising, though Dogecoin holders may have noted investor Mark Cuban’s cautionary remarks today. In an interview, Cuban suggested that every meme token “is a rug pull in the works.”
Speaking on the Rug Radio podcast, Cuban discussed his perspective on meme tokens, emphasizing that they lack any fundamental reason to persist beyond their entertainment value.
In essence, if whales or a substantial number of traders lose interest in a meme token, it lacks the fundamental support needed to maintain its price and will likely decline.
Cuban’s comments are noteworthy as he has previously expressed support for Dogecoin, once calling it the “strongest” cryptocurrency as a medium of exchange.
The difference between his past statements and this new interview raises questions about whether Cuban still holds a favorable view of Dogecoin.
Nonetheless, his recent remarks haven’t negatively affected Dogecoin’s price, which has rebounded after earlier losses this week.
Dogecoin’s indicators currently show positive momentum, suggesting that DOGE may continue to recover over the weekend.
For example, the relative strength index has risen from 20 on Tuesday to just over 60 today, indicating room for further growth before reaching overbought territory.
Additionally, Dogecoin’s 30-period moving average is approaching the 200-period average, signaling a recovery phase.
Encouragingly, its 24-hour trading volume remains high at $1 billion, reflecting increased demand.
Assuming tensions between Israel and Iran don’t escalate, Dogecoin’s price could recover to $0.15 by the end of this month, potentially reaching $0.30 by year’s end.
#Dogecoin #Cryptocurrency #MarkCuban #MemeTokens #CryptoMarket
