Dogecoin (DOGE), the world’s leading meme coin, has hit a speed bump after its latest price rally.
The coin has tumbled over 22% from yesterday’s highs as profit-taking kicked in.
But while DOGE cools off, another buzzy meme coin project called Scotty the AI (SCOTTY) is generating massive hype – raising over $2 million in its presale ICO.
Dogecoin’s Rally Cools as Meme Mania Takes a Breather
Dogecoin’s incredible rise has been stopped in its tracks, at least temporarily.
The meme coin has plunged in the past 24 hours, erasing a big chunk of the rally that catapulted it past $0.20 for the first time in over two years.
Technical indicators suggest the selloff was overdue, with DOGE trading in overbought territory after a bullish two-week run.
The pullback has dragged Dogecoin’s price back down to the $0.16 level at the time of writing.
Dogecoin’s bearish price action has coincided with a decline in spot trading volumes, which have slumped 6% since yesterday, according to CoinMarketCap.
This reduced liquidity allowed sellers to gain the upper hand after Dogecoin’s spike on Tuesday morning.
Despite the pullback, Dogecoin’s market cap still clocks in at around $23 billion.
This massive market cap speaks to DOGE’s status as the meme coin leader and its persistent popularity with retail investors.
Whether this pullback is temporary or a sign of fizzling momentum, one thing is clear – all eyes will be on Dogecoin’s movements in the coming days.
DOGE Pullback Mirrors Wider Meme Coin Market Correction
Dogecoin’s struggles are reflective of a broader cooling-off period in the meme coin market.
Over the past 24 hours, numerous other dog-inspired and meme tokens have also given back a portion of their recent gains.
The meme coin sell-off has coincided with Bitcoin’s own pullback from setting a new all-time high above $69,000.
As the flagship crypto cooled off, speculative traders appeared to cash in some of their profits across the board.
Popular meme coins like Pepe (PEPE) and Bonk (BONK) have tumbled between 10% and 15% over the past few hours.
Similarly, the much-hyped dogwifhat (WIF) token, which had rallied exponentially in recent weeks, has retreated sharply after topping out at $2.23 earlier today.
While pullbacks are expected in the meme coin market, the synchronized timing suggests traders have moved to book profits after a period of euphoric gains.
New Meme Coin Scotty the AI Makes Waves with Advanced Tech & High Staking Rewards
While major meme coins take a breather, a new entrant called Scotty the AI is turning heads by combining comedic internet culture with innovative tech.
This Ethereum-based project has raised over $2.4 million in just the first few weeks of its presale – leading to significant investor buzz.
So why all the hype around SCOTTY?
Scotty the AI leverages artificial intelligence (AI) to offer unique features rarely seen in the meme coin space.
Chief among them is ScottyChat – an AI-powered chatbot that breaks down complex crypto concepts in a user-friendly way.
The platform will also include a native DEX called Scotty Swap to facilitate fast and secure token trading.
But the real buzz surrounds SCOTTY’s staking program, which promises lofty annual yields of up to 62%.
This blend of AI capabilities and meme-worthy branding has clearly struck a chord with investors.
Over 211 million SCOTTY tokens have already been staked by the community – and the project’s Telegram channel has amassed more than 5,900 members.
Adding to the presale excitement are lofty predictions from analysts and influencers.
Some analysts, like Jacob Bury, are even calling for 10x gains once SCOTTY lists on exchanges thanks to its AI edge over other meme tokens.
Whether those kinds of returns actually materialize remains to be seen, but with millions already raised in its ICO, Scotty the AI is undoubtedly off to a flying start.
