It isn’t uncommon to see Dogecoin surge and add a couple of billion dollars to its market cap occasionally. But now, with Bitcoin’s price rising and a generally bullish sentiment spreading across the market, Dogecoin’s latest pump is being considered the start of a significant leg up.
Analysts also believe that, given the current market conditions, the value of Dogecoin could indeed see a continuous uptrend for some time.
Up By Over 35% in the Past Month
On the shorter timeframe, Dogecoin’s price has seen impressive growth over the past month, with the chart showing a steady upward trajectory. As of mid-October, the price has climbed to $0.14, marking a significant 35% increase from its earlier levels in September. Initially, Dogecoin saw a sharp rise toward the end of September, with the price peaking above $0.13 before correcting back to the $0.11 range in early October.
However, the coin regained its upward momentum around mid-October, reaching new monthly highs. Trading volumes have also surged during this period, indicating growing interest from investors. Indicators like the RSI are moving towards overbought levels, signaling strong buying pressure. This suggests that while the market is bullish, there may be potential for consolidation before another leg up.
MACD indicators show a widening gap between the signal line and the MACD line, confirming the bullish momentum. As of now, there are no signs of a reversal, and investors seem confident about further gains in the near term. That said, any major market correction or external news could shift the trend, so cautious optimism is advisable.
Why is DOGE Pumping?
The recent pump in Dogecoin’s price can be attributed to multiple factors, all converging to create favorable conditions for its rise. The broader crypto market is enjoying an upswing, with Bitcoin leading the charge. Historically, when Bitcoin performs well, altcoins, especially memecoins like Dogecoin, tend to follow suit. As Bitcoin’s price rises, it injects liquidity into the market, which then spills over to other assets, Dogecoin included.
One major external factor influencing Dogecoin’s rise is the political climate in the United States. With the 2024 presidential elections approaching, there has been a noticeable shift in investor behavior.
Memecoins, in particular, have seen a surge in capital inflow, likely due to their humorous take on real-world events. Dogecoin, being the pioneer of this space, has naturally been one of the primary beneficiaries of this influx of funds.
Furthermore, Elon Musk, a long-time advocate of Dogecoin, has recently voiced his support for a presidential candidate, further fueling speculation around the token. Musk also hinted at the creation of a new government department called the Department of Government Efficiency (D.O.G.E.), an acronym that mirrors Dogecoin’s ticker symbol.
While the connection may seem coincidental, it has sparked a frenzy among Dogecoin enthusiasts and investors, who are now speculating that Musk’s support and these new developments could push DOGE even higher in the coming months.
Right Time to Buy Memecoins?
The memecoin sector has been riding a wave of increased interest, making now an opportune time for investors to consider jumping in. Memecoins have a unique appeal in the crypto space due to their strong communities and viral potential, and with the overall market momentum behind them, they could see further gains in the near future.
Investors are increasingly looking at both established and newer projects that show promise in this bullish market. Here are three memecoins that have gained significant attention recently:
Floki Inu
Floki Inu has become one of the most talked-about memecoins lately, largely due to its connection to Elon Musk’s Shiba Inu dog, Floki. This project has managed to build a strong ecosystem that goes beyond the typical memecoin format.
While Dogecoin has already enjoyed a decent spike in recent days, several analysts have concluded that this may indicate a significant amount of funds could flow into the Floki Inu token as well, as it often follows Dogecoin’s movements.
Twitter crypto analyst MacroCRG claimed in a tweet that, by this logic, the token could be poised for a significant jump in demand and value soon
Floki Inu offers utility through its Floki Ecosystem, which includes a gaming metaverse, NFTs, and DeFi applications. The project is community-driven and has a robust roadmap that appeals to both memecoin enthusiasts and those looking for more utility in their crypto investments. Its ability to mix meme culture with real-world use cases has helped it quickly gain fame as a very high potential memecoin.
Pepe Unchained
Pepe Unchained is a newer entry into the memecoin market but has quickly gained traction due to its unique approach to the decentralized finance space. Inspired by the viral Pepe the Frog meme, the project aims to be a better version of the original Pepe token by offering better speed, lower fees, and improved scalability thanks to its innovative Layer 2 system.
It has already been featured on multiple news websites, including YouTube channels like 99Bitcoins, which claimed that the project had the potential to be a top gainer in the near future.
The idea is to create a Pepe-themed ecosystem, which will host several offerings like a DEX, bridge, block explorer, dev grants, and staking. Several other features have also been teased by the developers, all of which have helped the presale project gain massive popularity among memecoin investors.
Having raised more than $20 million, the project is likely to be listed on various exchanges soon, making it a preferred name for those looking to expand their memecoin portfolios.
Flockerz
Flockerz is currently in its presale stage but has already raised over $820k in just a few weeks. The project is positioning itself as the next big thing in the memecoin world, offering early investors massive staking rewards.
Flockerz’s Vote to Earn concept introduces a governance mechanism allowing community members to have a direct say in the project’s direction. This concept empowers holders of the Flockerz token to participate in important decisions, such as future developments, partnerships, and even staking options. As an incentive, voters are rewarded with tokens for their participation, aligning the project’s success with community engagement.
It has been endorsed by popular crypto influencers and YouTubers like ClayBro, adding to the already growing popularity of the project. The project has been audited by both SolidProof and Coinsult, which adds an extra layer of security and trust for potential investors.
The project has garnered attention from the crypto community for its ambitious plans and the potential for high returns. As Flockerz continues to grow, it is expected to become a major player in the memecoin space.
With the current market conditions favoring memecoins, now could indeed be the right time to invest in high-potential projects. Both old favorites like Dogecoin and new contenders like Floki Inu, Pepe Unchained, and Flockerz offer investors unique opportunities to capitalize on the memecoin hype.
