The meme-inspired Dogecoin (DOGE) is making waves, outperforming other prominent meme coins like Shiba Inu (SHIB) and Pepe (PEPE). According to data from Coinmarketcap, Dogecoin has surged by 10% over the last seven days, while SHIB and PEPE have seen relatively modest gains of 4% and 2%, respectively. Surprisingly, dogwifhat (WIF) has even experienced a decline of more than 5% during the same period. But what is driving this price spike for Dogecoin?
The answer may lie in the anticipation surrounding the upcoming “DOGE Day” on April 20th, an unofficial celebration and promotion of Dogecoin that has its roots in the online Dogecoin community, particularly on social media platforms like Reddit and X.
DOGE Day impacts Dogecoin’s price through several mechanisms. Firstly, increased market demand fueled by collective enthusiasm and promotion can generate upward pressure on the price. Secondly, the viral nature of memes, hashtags, and discussions related to DOGE Day can attract new users and investors, potentially driving up the demand for Dogecoin.
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Show more +Show less –Moreover, DOGE Day serves as a rallying point for the Dogecoin community, fostering a sense of unity and strengthening the community’s resolve. This collective belief and commitment influence market sentiment and contribute to positive price movements. Additionally, the increased visibility of Dogecoin due to DOGE Day can attract media attention and introduce the cryptocurrency to a wider audience, potentially sparking interest and investment.
Technical analysis by altFINS suggests that the anticipation of a potential breakout could be encouraging traders and investors to accumulate Dogecoin in anticipation of further gains. According to their analysis, Dogecoin is in an uptrend, making higher highs and higher lows, and is trading in a rising wedge pattern. If the price breaks above the $0.20 resistance level, it could potentially swing up to $0.25, representing a 25% gain. However, traders are advised to set a stop-loss at $0.18 and monitor the price movements closely.
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While Dogecoin’s recent performance has been impressive, some experts suggest that its success could catalyze a broader “memecoin season,” potentially benefiting other meme-inspired cryptocurrencies. The X account @TheBirbNest highlighted Floki Inu (FLOKI) as a primary contender in this season, citing its fundamentals and evolution from a meme token into a real project with a utility token supporting a 3D NFT metaverse, DeFi utilities, and more.
As the crypto community eagerly awaits DOGE Day, the meme coin frenzy appears to be gaining momentum again, and Dogecoin’s recent surge could be just the beginning of a larger trend for the related coins.
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The post Dogecoin (DOGE) Outperforms dogwifhat (WIF), Shiba Inu (SHIB), and Other Top Meme Coins – Here’s Why appeared first on CaptainAltcoin.
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