Dogecoin Is The Tier-1 Meme Coin, But Why Is It Growing Low In Last 7 Days?

Key Points:

• Meme coins, including Dogecoin, are experiencing a resurgence in popularity following Bitcoin’s entry into the $30,000 zone.
• Despite DOGE’s modest growth of just over 7% in the last seven days, its market structure remains bearish, while SHIB has experienced a significant rally.
• The overall boom in meme coins is ongoing, with a total value of $15.8 billion, although DOGE’s stability relative to other meme coins could make it an attractive option for long-term holders.

After Bitcoin’s entrance into the $30,000 zone, meme coins had a phenomenal rebound. Dogecoin, a tier-1 meme coin, has increased by more than 7% in the last seven days, a rather small growth when compared to other meme coins.

On the daily chart, the DOGE rate has settled below the $0.07 level, indicating that sellers continue to outnumber buying.

At the time of publication, price action had risen above the 23.6% Fib level of $0.066, but D1’s market structure remained bearish. Going over the 50% Fib level of $0.0735 will change the structure from bearish to positive.

In contrast to its competitor DOGE, SHIB has lately had an extraordinary rally, rising more than 16% in only seven days. Its expansion may be ascribed to the present rise in the cryptocurrency sector as a whole. SHIB, like other meme coins, has a significant degree of volatility, yet it nevertheless attracts an interested community of investors.

SHIB isn’t the only meme currency on the rise right now, and the boom in meme coins shows no signs of abating anytime soon. Other meme currencies have surged in value, totaling $15.8 billion, with PEPE leading the rush.

It seems that the excitement that DOGE brings has been overshadowed by PEPE since the boom in April. This is also one of the reasons why DOGE did not have the strength to bounce strongly in the recent positive rally of the market. Besides, the fact that Dogecoin is among the top coins with the largest market capitalization at the moment makes it more “stable” than other meme coins in terms of volatility. This can also be seen as a positive sign for long-term holders.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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