The primary, and maybe most extremely touted meme token, Dogecoin (CRYPTO:DOGE), has been on a wild experience in latest weeks. Nevertheless, the strikes this cryptocurrency token has remodeled the previous 24 hours are noteworthy.
On Sunday, the dog-inspired cryptocurrency rose in early morning buying and selling on bullish momentum throughout the sector. The worth of Bitcoin (CRYPTO:BTC) and different mega-cap cryptocurrencies spiked, sending all the sector increased. Nevertheless, since then, DOGE has traded again to the $0.26-per-token degree on the time of writing.
The worth motion for DOGE has been comparatively range-bound in latest days. Traders seem to nonetheless be digesting bullish catalysts reminiscent of Elon Musk’s DOGE-1 satellite tv for pc launch and the potential acceptance of this meme token as fee by AMC Leisure Holdings.
Nevertheless, different high-profile meme tokens reminiscent of Shiba Inu look like stealing Dogecoin’s thunder proper now.
As Dogecoin costs proceed to gyrate inside a comparatively confined vary, speculators and aggressive cryptocurrency buyers look like missing a motive to bid this token increased, or ship this meme cryptocurrency decrease.
Some could be aware that this consolidation across the $0.26 degree may very well be bullish. Each rally wants a breather. And as we have seen with the parabolic strikes in DOGE this 12 months, this can be a meme token that may run as soon as it will get momentum. Accordingly, the truth that DOGE stays 60% under its peak could also be engaging to speculators and people with aggressive near-term targets.
Like different meme tokens, these speculating on one other rally popping out of this consolidation part ought to concentrate on the draw back dangers. Once more, this meme token stays down dramatically from its peak. Nonetheless a top-10 cryptocurrency by market capitalization, the danger profile with this digital asset is elevated relative to the already excessive danger profile of the cryptocurrency sector.
That being mentioned, ought to further catalysts come up, this momentum-driven token has the potential to run. Certainly, cryptocurrency buyers have seen DOGE develop into one of many best-performing property this 12 months. Accordingly, this can proceed to be an intriguing cryptocurrency to look at for a while.
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