Can coins like SHIB, ELON, SMI bring Dogecoin (DOGE) back to life? Both Bitcoin and Ethereum have been trading in the green for the last 30-odd hours. In fact, many of the other alternatives also started their own rallies. On any regular day, meme coins are not considered part of the broader crypto equation. However, people from their communities are announcing that the rallies of these cryptocurrencies are already starting to take place in the market. Details Cryptocoin. com
What effect is expected for DOGE?
ELON, SHIB and SMI barking loudly? Interestingly, at the time of writing, most of the top meme-coins were trading higher than their normal values. Before getting into the nuances of the questions mentioned above, it should be noted that these cryptocurrencies often subject themselves to sudden and unpredictable pumps and dumps. Therefore, market participants need to be aware before buying/selling them.
Dogelon’s daily chart has created quite an interesting pattern over the past few months. Candlestick consistency and uniformity are clearly highlighted in the chart attached below. Regardless of trading volume, the coin has stuck to the $0.00000006 level since mid-August. On good days, the aforementioned level was a support, while on bearish days the same level resisted the altcoin’s rise. Therefore, according to analyst Daryanani, if the broader market gets pumped in the coming days, traders can expect the value of this meme-coin to rise to $0.00000008 initially and then to $0.00000009.
Safemoon Inu’s price
The price of Safemoon Inu was even more volatile. After pumping more than 5% in the last 24 hours, the value of the SMI remains at $0.00001152 at the time of writing. The social volume and social dominance of Mem-coin also witnessed a huge peak in the last hour. This actually means that people are actively discussing about this token on crypto-related social media. Whenever these two metrics peaked like this before, the price of the coin rose more frequently in the following days. However, it should be noted that the $0.00001184 level may act as a hurdle in the coming trading sessions. Only when the SMI rises above the aforementioned level will the gates of $0.000001306 and $0.000001427 open.
With a market cap of over $2.8 billion, SHIB was trading at $0.000007147 at the time of writing. The cumulative token balance on exchanges has been on the decline lately. In fact, the write-time level was at a 3-month low, indicating increased demand and movement of tokens to private wallets. This is again a bullish sign.
What about DOGE?
Among the series of bullish signs depicted by the aforementioned major meme tokens, pack leader DOGE has not been in good health lately. Many of its metrics are deteriorating, and so is their price. Data from Santiment highlighted that the trading volume remained stagnant in the 1-2 billion range. For context – during recent rallies, this metric has mostly returned in the 5-7 billion range. In fact, DOGE’s price is over 2% in the past day and has lost 5% over the past week. Well, meme-coin rallies have generally been led by DOGE in the past. But now the situation looks quite different. If the aforementioned coins start to pile up in the coming days, the probability of DOGE joining the rally party will increase. Therefore, it would be interesting to see if they can resurrect the “cult leaders” of other cryptocurrencies.