• Dogecoin price has seen a 22.2% gain in 14 days, and is trading at $0.088 at the time of writing.
• Meme coins as a whole have gained traction, with a total market capitalization of $19 billion with Dogecoin accounting for the largest chunk of the market share at $11.8 billion.
• BONK, the first Solana blockchain meme coin has seen a surge of followers and Tamadoge (TAMA) up 6.6% in a week to trade at $0.0143.
Dogecoin, the OG of meme coins, is on a tear as its price continues to outperform its peers and closes in on obliterating one zero. The token has seen an impressive 22.2% growth in value in just 14 days, with its price currently trading at $0.088 at the time of writing. The bullish sentiment in the market is likely to push the largest meme coin above $0.1 by the end of the week, with bulls aiming for a return to its all-time high of $0.1586.
The meme coin market as a whole has seen an upswing in activity since the beginning of the year, with its total market capitalization growing to $19 billion. Dogecoin takes up the largest chunk of the market cap with a staggering $11.8 billion, followed by Shiba Inu with $7.1 billion, after it surged by 15.4% in the last 24 hours. Other best-performing meme coins include Dogelon Mars which is up 15.7% in seven days, FLOKI up 27%, Kishu Inu up 28.2%, Shiba Predator up 20%, and Hoge Finance up 31% in the same period.
One of the most impressive performers in recent days is BONK, the first Solana blockchain meme coin. Despite being a relatively new token, it has gained a huge following due to its innovative use cases and play-to-earn and metaverse token capabilities. Tamadoge (TAMA) is also up 6.6% in a week to exchange hands at $0.0143 and this token has the potential to become the largest meme coin in the market.
Dogecoin’s current price is sitting on top of robust support at $0.0847, reinforced by the 200-day Exponential Moving Average (EMA). Slightly below this level is confluence support created by the 100-say EMA and the 50-day EMA at $0.0806. Dogecoin’s immediate downside is also home to a critical falling trend line. All these support areas emphasize the undeniable ability of DOGE to continue the uptrend and take out another zero for gains above $0.1. The Moving Average Convergence Divergence (MACD) indicator has also just crossed from bearish to bullish, and this is usually followed by higher highs in the market.
