Dogecoin Price Slides But Traders are Backing Dogeverse to See Big Gains

Dogecoin has struggled today amid a broader market pullback, falling by 7%.

However, the newly launched multichain meme coin Dogeverse has continued to display strength, recently surpassing $10 million in its presale.

Dogecoin Slides but Remains Bullish, According to Trader

Dogecoin has suffered a severe retracement than the market average today, but one prominent trader remains optimistic about its long-term potential.

DOGE is currently trading at $0.1498, down 7% today, up 0.5% this week, down 13.4% this month, and up 90% this year. 

It holds a $21 billion market cap and a $1.4 billion 24-hour trading volume, up 27% today.

Prominent analyst Ali Martinez, who goes by Ali Charts on X, weighed in on Dogecoin’s current price action in a tweet this week. 

Martinez noted that Dogecoin is currently trading within a consolidation zone after breaking a macro trendline resistance level. The analyst highlights that this is standard procedure following Dogecoin’s macro breakouts, with the same pattern forming the previous two cycles.

In the analysis, he explained, “Dogecoin is showing its classic pattern once again! DOGE is currently consolidating after breaking out from a descending triangle.”

He continued, “Based on past trends, we might see DOGE rocket towards $1 in the coming weeks.”

Martinez then displayed a price chart overlaid with a potential upcoming trajectory for the market-leading meme coin. Based on this overlay, DOGE could be headed to highs of $5 this cycle.

In an earlier tweet, the prominent trader underscored that Dogecoin “remains the most important altcoin” in the meme coin sector. 

He also explained his bullish outlook on Dogecoin’s based on its price action:

“From a technical perspective, DOGE seems to mirror the 2018-2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run.”

Indeed, Ali Martinez’s analysis presents an optimistic outlook for the future of Dogecoin, helping investors to overlook the ongoing consolidation with hopes of an impending uptrend continuation.

But while Dogecoin has struggled this month, the new meme coin Dogeverse is presenting a solid alternative, with its presale recently surpassing the $10 million total raised mark.

Will Dogeverse Be the Next 100X Meme Coin After Raising $10M?

The meme coin market frequently gifts courageous degens with 100x opportunities, and analysts believe Dogeverse may be the next.

It has already raised over $10 million in its presale, which shows investors are rallying behind the project.

However, top media outlets and industry experts are also on board. In addition to features in heavyweight outlets like CryptoPotato, Cointelegraph, and Watcher Guru, leading analysts like Jacob Bury have speculated it holds 100x potential.

This unwavering momentum derives from Dogeverse’s one-of-a-kind use case: it is the first multichain Doge-themed cryptocurrency.

The project is launching across the six hottest smart contract-enabled blockchains. It is already live on Ethereum, Polygon, Base, BSC, and Avalanche and will soon be available on Solana, too.

By breaking down crypto’s “garden walled” limitations and bypassing blockchain fragmentation, Dogeverse unites different communities under the banner of one enigmatic meme coin.

But besides the idealistic benefit of ending blockchain traiblism, Dogeverse’s multichain approach thrives with tangible advantages.

Its widespread accessibility enhances its demand potential and negates the risk that single-chain cryptos face of users potentially migrating to a different network.

However, those looking to buy should act quickly. The Dogeverse presale price will increase throughout the campaign, with the next rise in six hours or when the total raise hits $11.2 million.

Visit Dogeverse Presale