Dogecoin has shown that it is a true leader in the meme coin category with a stellar performance not only in price but in other aspects. In the 24 hour period that stretched between 23 and 24 August its price surged by 6.91% to reach $0.1137. That rally occurred within the broader crypto market performance where most cryptocurrencies were in green. There is much market optimism in the entire market as evidenced by the Crypto Greed and Fear index reading of 56.
Despite its recent price rise Doge has been performing remarkably well over the past week when it gained by a whopping 11%. That was a strong recovery from its recent low of $0.10. A rise in its trading volume by over 138.78% within the same period indicates that there has been much capital inflow into the meme coin. The performance of Doge and that of the other meme coins shows that investors have confidence in the tokens. Despite the fear of loss of investment due to volatility there is a rise in demand for major meme coins including Shiba Inu and PEPE.
The meme coin king price is now above the 20-day Simple Moving Average (SMA). Other technical indicators support its bullish momentum. For example, the price line is moving along the upper Bollinger bands which shows that it has much momentum. Also, the fact that its Relative Strength Index reading is slightly above 50% shows that the price may trend up for some time. Aso, it currently is far off from the overbought zone. Usually, an asset enters the overbought state when the RSI reading is above 70. On the 1 hour chart the Doge is showing bullish momentum as the next graph shows.
Dogecoin Hourly Price Chart – Morpher
As seen on the graph, the Ichimoku cloud is still green and is rising at a good angle showing the chance that the bullish momentum may continue. However, there is a horizontal channel showing that the price is consolidating. The other good thing is that the price is still above EMA 139 and EMA 200 indicating that the meme coin still has momentum. Although the 1 hour chart is showing bullishness the daily chart is indicating otherwise.
Dogecoin Price Chart – Morpher
The above chart shows Doge’s daily Ichimoku indicator. The fact that the price is below the Ichimoku cloud shows that the bullish trend may come to an end unless the bulls increase their buying activity. Usually, the lower Ichimoku cloud boundary is a strong resistance level. And the Ichimoku cloud is a resistance/support zone as well. Also, the fact that EMA 200 (red) is likely to fall below EMA 139 is a bearish indication.
As hinted above, the general crypto market is bullish with leading cryptocurrency like BTC/USDT gaining by 3.9% within the last 24 hours. SHIB/USDT also gained by 17.2% within the last 7 days. It has been an impressive week for meme coins as the PEPE price rose by 24.3% within 7 days, WIF by 34.6% and Bonk by 22.4% within the same period.
Doge Outperforms other Meme Coins in other Metrics
The recent data also shows that Dogecoin is also performing better in some respects than the other meme coins. That has further strengthened its dominance in the market. One area which DOGE is doing remarkably well is in its community growth. It has the largest number of members on different social media platforms. In this regard SHIB also comes second, according to its official, Lucie’s X post.
Meme Coins Social Activity: x.com
As you note on the graph, Doge leads on social activity, followed by SHIB, PEPE, WIF and BONK, in that order.
However, Shiba Inu has an area where it has been performing better than Dogecoin, token burning. According to Shibburn more than 4,800,831 SHIB were burned within the last 24 hours. Recently, two amounts of 1,474,062 and 1,023,604 were also sent out of circulation. In the meantime the SHIB team has said that it is in the process of forging more partnerships. However, they consider the liquidity of the cryptocurrency as well as the value it will bring to the community.
The SHIB team explained: “Just had a discussion with our admins and want to share our perspective on evaluating projects: Liquidity is a major factor: It’s not just about selling assets to Shibarium users but also how much value you bring onto the chain. Respect for the Shib brand: It’s important not only to use (abuse?) Shib in your tweets and spaces but also to actually burn or use Shib in your dApps to support adoption.
It added, “Promotion and Positivity: New projects should promote themselves positively and share accurate information while respecting the canine code of conduct.” Now, time will tell the impact of the SHIB team focus. However, one thing is for sure: the teams behind meme coins are doing much to ensure that their tokens remain competitive.
