Dogecoin (DOGE), the cryptocurrency that powers the dog meme-inspired payments-focused blockchain Dogecoin, attempted to stage a recovery on Monday, at one point rallying to its highest level in five days above in the $0.086 area. However, the cryptocurrency has since given back earlier gains to trade closer to $0.081, where it now trades down around 1.0% on the session.
Crypto Caution Cuts Dogecoin Revival Short
Total cryptocurrency market capitalization was last down around 2.3% on Monday, according to CoinMarketCap. Prices are facing selling pressure at the start of the week thanks to reports of a fresh round of regulatory enforcement action by the US Securities and Exchange Commission over the weekend.
The SEC is reportedly now targeting US-based stablecoin issuer Paxos over violating consumer protection laws and issuing stablecoins as unregistered securities. Paxos has now halted its minting of BUSD tokens. This comes at a time when the SEC also has US-based crypto staking services in its sights – the agency forced crypto exchange Kraken into a settlement and to shutter its staking service last week.
1/ This morning, Paxos announced it will halt minting new #BUSD tokens effective February 21. Read the full press release from Paxos here: https://t.co/jXZY1ak8DR
— Paxos (@PaxosGlobal) February 13, 2023
Increased regulatory uncertainty as traders mull what aspect of the crypto industry is in the SEC’s firing line thus prevented Dogecoin from holding to the north of its 100-Day Moving Average at $0.085, or from retesting its 21DMA in the $0.088 area. For now, the cryptocurrency is holding above the $0.08 level, which has acted as a strong area of resistance and support since late 2022, as well as holding close to its 50DMA.
Trading conditions are likely to remain cautious on Monday and early on Tuesday, with crypto traders in wait-and-see mode ahead of the upcoming release of US Consumer Price Index inflation data on Tuesday. The data is expected to show a rise in MoM price pressures in the US. If confirmed, or if there is an upside surprise, this could result in further hawkish repricing of 2023 Fed tightening expectations, which could weigh on cryptocurrencies like Dogecoin.
If Dogecoin mustered a convincing break to the south of $0.08 support and its 200DMA at $0.077, the door would be open for a run lower towards late-December 2022 lows at $0.066. That would mark a not far from 20% drop from current levels.
When Can Dogecoin Hit $0.10 Again?
A recovery towards $0.10 this month for Dogecoin shouldn’t be ruled out. Say US CPI surprises to the downside in a big way on Tuesday and then the Fed’s preferred measure of inflation, the Core PCE Price Index, also shows a faster-than-expected easing of price pressures later this month, Fed tightening fears might once again ease. That could once again boost crypto sentiment.
But to get to $0.10 this month is a 23% rally from current levels. In wake of all the new uncertainty regarding the US regulatory situation, as the SEC gets more aggressive, it may be tough for Dogecoin to gain that much ground, even if the macro backdrop does become more favorable.
Of course, something else that could inject some short-term umph into DOGE would be if there was some news from Elon Musk/Twitter to boost hype that Dogecoin might be integrated into a future Twitter payments system. But in the absence of these tailwinds, Dogecoin’s near-term outlook may well be towards further downside, meaning a recovery back above $0.10 might have to wait until later this year.
Altcoins to Consider
With major cryptocurrencies like Bitcoin, Ethereum and Dogecoin all struggling at the moment, investors might want to consider alternative coins that could offer a better risk-reward in the short/medium term. Here is a list of tokens relating to a few up-and-coming projects vetted by the Cryptonews.com Industry Talk team.
Tamadoge (TAMA) is the cryptocurrency that powers the dog meme and Tamagotchi-inspired Tamaverse, an up-and-coming web3 gaming ecosystem. The team behind Tamadoge recently launched the first two games of the Tamaverse’s play-to-earn arcade, with another three games scheduled for release soon.
The wait is FINALLY OVER – Time to ROCKET and ROLL
May we introduce #RocketDoge – the future of #P2E with exciting gameplay and big rewards every week
Play now!https://t.co/Jxcp6nomdM pic.twitter.com/GyqXWsCcQX
— TAMADOGE (@Tamadogecoin) February 8, 2023
In the coming months, the Tamaverse will continue to expand with the release of the main Tamadoge game – where players breed, raise and care for digital pet non-fungible token (NFT) Doges, which they can use to interact socially with one another within a metaverse setting, as well as use within the arcade games. A suite of Tamadoge NFT are already available for purchase.
Given all the above features of the Tamaverse, Tamadoge is being billed by some observers as “a meme coin with utility”. According to CoinMarketCap, Tamadoge currently only has a market cap of around $19 million. Some think this could go a lot higher. TAMA can be found on more than a dozen CEXs and DEXs, including Tier 1 exchanges such as OKX and Gate.io and leading decentralized exchange Uniswap.
Meta Masters Guild (MEMAG)
An alternative to Tamadoge that investors might want to consider is Meta Masters Guild, an up-and-coming mobile-based web3 gaming ecosystem that is developing a host of fun and addictive games. The games will utilize non-fungible tokens (NFTs), allowing community members to earn rewards, as well as stake and trade. The platform hopes to in the future host dozens of viral games. Its first game, Meta Karts Racers will be released later this year.
Meta Masters Guild is currently conducting a token presale to fund platform development. The presale just entered its final stage, with the project having raised a whopping more than $4.3 million in just a few weeks. Investors should note that they also stand a chance of winning a massive $100,000 in MEMAG tokens.
Do you want to win $100,000 in $MEMAG tokens? Of course you do!
Join our giveaway extravaganza for your chance to score big!
➡️https://t.co/rOZkdgR4Xm#mmg #memag #memaggiveaway
— Meta Masters Guild (@MEMAGgames) February 12, 2023
RobotEra is an up-and-coming metaverse looking to topple the likes of Decentraland and The Sandbox owing to a more exciting, gamified user experience. RobotEra is currently building a planet-rebuilding space robot-themed metaverse that hopes to attract a mainstream user base thanks to its various play-to-earn and passive income opportunities.
RobotEra is currently conducting a presale of the TARO token that will act as the in-metaverse currency, with the start-up having already raised an impressive $860,000. TARO tokens are currently available for $0.02, but this will soon rise to $0.025, so investors should move quickly to get in on the ground floor.
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