GameStop’s Rally Takes Lead Over Dogecoin, What Next?

GameStop's Meme Coin Surges, Outshining Dogecoin

Between June 8th and 9th, GameStop's meme coin (GME) took center stage, eclipsing Dogecoin and other meme coins. Built on the Solana blockchain, GME experienced a noteworthy 28.25% increase in value, reaching $0.19 with a market capitalization of $124.66 million.

GME's popularity surge is attributed to its heightened attention, particularly in comparison to Dogecoin. Social dominance, a measure of discussion and interest, favored GME with a dominance of 4.754% compared to Dogecoin's 1.881%.

However, GME's social dominance has declined from 13.20% on June 7th, suggesting a potential correction despite its lead in the meme coin space.

The Relative Strength Index (RSI), a momentum indicator, shows GME's daily chart in an overbought condition with an RSI of 81.65. This implies potential profit-taking in the short term, potentially leading to a price drop to $0.15.

In contrast, Dogecoin's RSI sits at 42.05, indicating bearish momentum. With waning demand, Dogecoin could decline to $0.12 unless buying pressure increases, potentially pushing its price towards $0.16.

Despite its recent surge, GME's market capitalization still trails behind Dogecoin. The narrative surrounding GME's growth may not be sustainable in the long run.

In summary, GME's meme coin has experienced a significant surge, outperforming Dogecoin and others in the market. Caution is advised as GME appears overbought, while Dogecoin faces bearish momentum. The future trajectory of these meme coins depends on factors such as social dominance and buying pressure.