Anticipated Dogecoin Value: Analyst Predictions Suggest a Boost to $0.60 Post ETF Debut
Thumzup Media, a publicly-traded company, has made a significant move into the crypto space by purchasing 7.5 million Dogecoin tokens for approximately $2 million. The announcement has sent ripples through the cryptocurrency market, with Dogecoin gaining more mainstream attention.
The purchase was made in August, with each Dogecoin coin priced at $0.2665. Thumzup Media's crypto treasury, which was launched with a $1 million investment in bitcoin in January, is now diversifying into other cryptocurrencies.
The cryptocurrency market is keeping a close eye on Dogecoin, with analysts predicting it could reach $0.45 short-term and potentially $0.60 if momentum continues. This bullish outlook is supported by technical indicators suggesting a breakout from a multi-month symmetrical triangle pattern in Dogecoin, with possible upside targets of $0.45 in the near term.
However, the key support level to watch for Dogecoin is around $0.227, which corresponds to the 50-week exponential moving average (EMA). Losing this key support could quickly reverse the bullish outlook. The Relative Strength Index (RSI) remains below overheated levels, and the MVRV Z-Score sits at just 1.35, resembling conditions seen before last November's 230% surge in Dogecoin price.
Thumzup Media is not just buying Dogecoin; it's also expanding its presence in the crypto space. The company plans to set up 3,500 Dogecoin mining rigs by the end of the year. This move aligns with the company's ambition to diversify its crypto holdings while also investing in mining infrastructure.
The first U.S.-listed Dogecoin spot ETF, REX-Osprey DOGE ETF (DOJE), is set to launch on Thursday, further boosting Dogecoin's mainstream appeal. The ETF's launch follows the appointment of Jordan Jefferson, DogeOS CEO, and Alex Hoffman, head of ecosystem at DogeOS, to Thumzup Media's Crypto Advisory Board.
Dogecoin, originally created as a joke, is gaining more serious attention through corporate investments and ETF launches. It's described as a 'momentum and liquidity-driven beta play' by Altcoin Sherpa, meaning if Bitcoin moves higher, large-cap meme coins like Dogecoin typically see amplified upside. However, losing key support levels could quickly reverse the bullish outlook.
Thumzup Media's stock closed Wednesday's session down 7.7% at $4.61 per share but ticked up about 4.5% after hours following the Dogecoin purchase announcement. Notable shareholder Donald Trump Jr. holds 350,000 shares of Thumzup Media, adding another layer of interest to the company's crypto ventures.
As Thumzup Media continues to expand in the crypto space, it's clear that the company is not just riding the wave but is actively shaping it. The board of Thumzup Media has authorized the company to hold up to $250 million worth of cryptocurrencies, indicating a long-term commitment to the crypto market.
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