Will the market continue to pump meme-coins like Dogecoin, SHIB, ELON, SMI back to life?
It seemed that the cryptocurrency market would bounce back after the news of the crackdown from China but no, the price has dropped by about 5% in the past 24 hours. And as always, meme coin as Dogecoin also fell with the market decline. However, many have begun to claim that the rallies of these coins have also set foot in the market.
Will coin memes like Dogecoin, SHIB return to the race?
Most of the top meme-coins are trading well above their usual value. Before diving into the nuances of the aforementioned questions, it should be noted that these coins are often subject to sudden and unforeseen pumps and dumps. Therefore, market participants need to be aware of this before buying/selling them.
First, let’s talk about Dogecoin (DOGE), let’s talk about the youngest coin, Dogelon Mars (ELON). Dogelon’s daily chart has produced a rather intriguing pattern over the past few months. The consistency and uniformity of the candlesticks are clearly marked in the attached chart below. Regardless of the trading volume, the coin has remained at $0.00000006 since mid-August.
Some days, the aforementioned level is supported while on bearish days the same level has prevented alt from rising further. Therefore, if the broader market pumps in the coming days, traders can expect the value of this meme-coin to initially increase to $0.00000008 and then to $0.00000009.
ELON/USD 4-hour chart | Source: TradingView
At the time of writing, ELON is changing hands at $0.000000056.
On the other hand, the price of Safemoon Inu (SMI) seems to be more volatile than ELON. The social volume and social dominance of the meme-coin have also seen a massive peak in the past hour. Essentially, this means that people are actively discussing this token on crypto-related social media. Whenever these two metrics peak like before, the price of the coin more often does not increase in the following days.
However, it should be noted that the $0.00001184 level could act as an obstacle in the upcoming trading sessions. Only when SMI crosses the above-mentioned level, the door to $0.000001306 and $0.000001427 will open.
Social sentiment – Safemoon Inu|| Source: Santiment
The cumulative token balance on exchanges has been on the drop lately. In fact, the press time level was at its 3-month low, indicating the rising demand and the movement of tokens into private wallets. This, again, is a bullish sign.
Supply on Exchanges – Shiba Inu || Source: Santiment
Amid the bullish signs depicted by the aforementioned prominent coin memes, the DOGE leader is yet to be in the best of health by the end of the year. The condition of most of its indicators has deteriorated and so has its price.
According to Santiment, the trading volume still stagnates in the range of 1-2 billion by the end of the year. For context – during previous rallies, the metric was mostly around the 5-7 billion range. In fact, the DOGE price has dropped more than 2% in the past day and 5% in the past week.
Meme-coin rallies have often been led by DOGE in the past. But now, the situation seems to be different. If the aforementioned coins end up rallying in the coming days, then the percentage of DOGE joining the rally group will increase. So it will be interesting to see if other coins can recover Dogecoin.
In another development, to explore how Americans view cryptocurrencies as a form of workplace compensation, research, and survey firm Skynova spoke to more than 1,000 working professionals, including 797 employees and 205 managers.
When asked which crypto they would like to see on their paychecks, the majority of working Americans (74.3%) sided with Bitcoin (BTC), followed by Ethereum (ETH) and Dogecoin (DOGE).
Looks like DOGE isn’t out of date yet.
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