The meme coin segment benefits heavily from community support. On the one hand, he takes pride in entertaining members of the community. Second, an ideal goal is to stay in the game and produce productive results for token holders. Much like the crypto sphere on a macro level, there are also changing dynamics in the meme coin sector – something that precisely needs to be addressed for a rough understanding of the direction the segment may take in the times to come.
DOGE, even though it is at the top of the meme coin ranking, is at the 8th position in the list of cryptocurrencies. This is based on the market capitalization of all tokens considered, with DOGE sitting at $21,700,008,236 at the time of writing.
Position of Dogecoin (DOGE) and developments
DOGE is well positioned in the top 10 cryptos in terms of market capitalization. Dogecoin is closely followed by Shiba Inu SHIB. Some developments that boost DOGE in the market are from two sides: positive and negative.
To begin with, the positive side believes that DOGE could soon find comfort in the bull run provided it maintains the $0.15 mark. We see it doing so while writing this article, listed at $0.1509. Trading activity on the red line will likely be temporary, influenced by what is happening in the market. This brings the price towards the second side – negative.
Whales were seen moving approximately 456 million DOGE coins to Coinbase as of April 26, 2024. This occurred in two separate transactions, with the following composition:
228.10 million + 228.72 million.
For reference, a single DOGE is listed at around $0.15. These transactions have sparked bearish sentiments to make traders and investors believe that there is a loss of interest in DOGE. No confirmation has been made so far as the transactions executed by the whales remain unidentified.
The technical indicator reinforces traders' concerns. For example, DOGE's head and shoulders formation on the chart was reported by analysts based on the 12-hour chart. Nevertheless, Dogecoin has become one of the mainstream cryptocurrencies with a robust network and infrastructure. This continues to inspire a sense of confidence, especially with a one-minute Musk-DOGE animation circling X.
Possibility of other parts too
Three meme coins are worth mentioning here, as they demonstrate positive growth in token value and market capitalization. These are SHIB, MVP and PEPE.
SHIB rebounds to $0.00002551 with an increase of 2.45% in the last 24 hours. This is only twice that the meme coin has dropped below $0.0000250 in the last 24 hours. The table for the last 7 days is certainly different, but it still indicates an increase of 12.82%.
Vice President of MAGA, also known as MVP, the meme coin appears quite strongly as a candidate to revolutionize the landscape as a PolitiFi meme coin. THE token value is $0.1326, up 99.83% over the last 7 days. 24-hour volume jumped 7.29% with a slight market cap decline of 8.23%.
PEPE is trading at $0.000007476, an increase of 3.17% over the last 24 hours and 45.29% over the last 7 days. It is one of the few coins to have seen a 24-hour increase in market capitalization and volume at the time of publication – 3.27% and 5.34%, respectively.
Conclusion
DOGE is setting the stage for the meme coin segment. In total, three cryptos could follow the trend initially: SHIB, MVP and PEPE. This is based on market capitalization and is subject to volatility. It is recommended to research and explore the market before allocating funds to any cryptocurrency.