Dogecoin Investors Shift to New GambleFi ICO, Chasing Potential 895% Returns
The Dogecoin bulls were in charge on Monday amid a surge in meme coin risk-taking in wake of Roaring Kitty’s return to social media, but investors are nonetheless shifting funds to a new GambleFi ICO called Mega Dice as they hunt for 10x or 895% gains.
Dogecoin gained 5% on Monday and was last trading just under $0.15, 10% up from earlier session lows.
Legendary GameStop investor Roaring Kitty, who was a key leader of the meme stock movement of 2021, triggered a spike in meme coin and meme stock sentiment when he made his first post on X since 2021.
pic.twitter.com/YgjVqtgcNS
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
His return triggered a chorus of calls that a new meme coin season might now be here.
But the Dogecoin chart gives little reason for that kind of optimism right now.
The Dogecoin price remains stuck near its 21DMA and substantially down versus its 50DMA.
And the price is arguably also in the process of forming a bearish descending triangle from its late-March highs.
A break below $0.12 support would open the door to a quick drop back towards $0.10.
However, given it remains the undisputed king of meme coins, Dogecoin is a strong bet this bull market.
Dogecoin could feasibly 6.5x from current levels to hit $1, fulfilling a long-term prophecy of many of its community members.
At $1, Dogecoin’s market cap would be over $140 billion.
That’s a lot for a token that doesn’t have much utility beyond as a collector’s item and independent blockchain.
Few would expect Dogecoin to 10x or more. Investors looking to turn bigger profits, of 20-50x for example, should check out an often overlooked investment strategy – presale investing.
Web3 projects frequently sell their tokens at a big discount to early investors as they raise
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