After a recent surge followed by a pullback, Dogecoin (DOGE), has risen another 6% in 24 hours to start this week in the green.
Given its recent volatility, investors are wondering whether now is an opportune time to load up on DOGE, or is it best to wait.
Dogecoin Hovers Around $0.20 as Volatility Dries Up
At the time of writing, DOGE is trading at $0.201.
The meme coin has been grinding around that area since Sunday morning, with attempts to break higher or lower being swiftly rejected.
DOGE’s consolidation near the $0.20 level follows a 20% rally from last Friday’s lows around $0.167.
The coin surged over the weekend after reclaiming its 20-day exponential moving average (EMA) on Saturday.
From a technical perspective, the rebound off the $0.167 level could mark the formation of a higher low on the daily chart.
Combined with its recapture of the 20-day EMA, Dogecoin could be looking at more upside.
However, DOGE has struggled to capitalize on positive price structures recently.
The coin hasn’t closed above $0.20 since March 31, and when it did, the price immediately fell back down.
This choppy, undecisive price action highlights the uncertainty hanging over Dogecoin right now.
With Doge Day & Halving Looming, Is Now the Time to Buy Dogecoin?
So, is now the right time to buy DOGE?
The data suggests that traders are beginning to position themselves for some volatile price action in the near future.
Open interest in DOGE’s perpetual futures has rocketed in the past week, climbing to $1.64 billion.
This is more than triple the $500 million it was in late February.
The massive rise in derivative liquidity reflects traders’ growing appetite to speculate on Dogecoin’s price ahead of a few key catalysts.
First up is “Doge Day” on April 20 – an annual celebration of meme culture in the crypto market.
With an abundance of “diamond hand” investors, any uptick in hype could be all it takes to reignite meme coin mania on Ethereum and other blockchains.
But the wildcard that really has investors paying close attention is actually Bitcoin’s long-awaited halving event that will happen in less than two weeks.
This event has routinely served as the starting gun for a BTC bull run – with DOGE and altcoins often being pulled higher in its wake.
Toss in the $2.1 billion in DOGE trading volumes, putting it 6th in the world, and all the ingredients could be in place for the coin to be considered a solid buy option right now.
Which New Meme Coins Could Outperform DOGE?
While Dogecoin searches for direction, a new breed of meme coins has been turning heads.
One such project, the soon-to-be-launched Dogecoin20 (DOGE20), has traders speculating whether it could outshine DOGE in the near term.
Dogecoin20’s Meme Branding & Staking Rewards Position It to Outshine DOGE
Dogecoin20 hit a major milestone a few weeks ago when it secured its $10 million funding goal during the presale phase.
But since that milestone, the hype train hasn’t slowed down.
Buyers have one final opportunity to buy DOGE20 at the discounted rate of just $0.00022 before its hugely anticipated Uniswap listing, coinciding with Doge Day on April 20.
Dogecoin20’s ability to combine familiar Dogecoin branding with passive income potential is clearly resonating with meme coin investors.
The project already boasts over 53.1 billion DOGE20 tokens being staked to earn an impressive 53% APY.
These industry-beating staking rewards are likely driving DOGE20’s rapidly expanding community, too.
Dogecoin20’s official Twitter and Telegram channels have exploded with new members recently as buzz builds towards the token’s imminent DEX debut.
The project’s tokenomics could also fuel speculation, given DOGE20’s fixed supply of 140 billion – of which 25% will be used to fund marketing campaigns.
These marketing campaigns could be vital when it comes to increasing awareness of Dogecoin20 and driving post-listing demand.
Overall, with its growing community, hilarious aesthetic, and passive income potential, Dogecoin20 could be well-positioned to outshine DOGE if all goes to plan.
Those looking to buy DOGE20 tokens can do so at dogecoin20.io.
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