DOGE has risen by 1% in the past day and past hour, with the Dogecoin price touching $0.1268 as the crypto market as a whole gains by 1.5% today. Do gecoin remains down by 12% in a week and by 22% in a month, although the ever-popular meme token holds onto a 104% gain in the past year. [4]

These movements come as data suggests that whales have been offloading their DOGE, with the coin's momentum falling hard earlier this week.

Yet today finds the token seemingly turning a corner, with its 24-hour gains hinting at the beginning of a recovery period.

Whales Reducing Holdings – Bearish Signal for Dogecoin Price?

DOGE's chart looks promising today, with its indicators showing a big uptick in momentum and room for continued rising. [5] Its relative strength index has risen from 20 on Tuesday to just over 70, marking a decisive turnaround. [5] Additionally, DOGE's 30-day average has begun rising towards the 200-day again, indicating potential for near-term growth.

The Dogecoin price is still far off its recent highs, suggesting it has ample room for growth. Its trading volume has also increased in recent days, from $385 million to $1.5 billion, as traders buy DOGE at a discount while whales sell.

Given DOGE's prolonged oversold position, a rebound seems imminent. This may be further bolstered by the upcoming launch of Ethereum ETFs, which could lead to a broader market upswing. Additionally, DOGE's popularity as a meme coin and potential integration with X as a payment method could drive its price to $0.15 in the next few weeks and $0.30 by Q4.

Bigger Gains With Newer Doge Meme Tokens

While DOGE may see incremental growth, traders seeking bigger returns may prefer newer meme coins. [5] One such promising project is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised over $4.8 million in its presale.

PlayDoge offers a play-to-earn game with nostalgic 8-bit graphics and varied gameplay, allowing users to breed, trade, and complete missions with virtual pets to earn PLAY tokens. With a max supply of 9.4 billion and the ability to stake the token, PLAY could become deflationary over time. [5] Investors can purchase PLAY at $0.0051 per token on the official website, a price likely to be much lower than its post-listing value.