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BittensorDogecoin (DOGE) has attained a 5-month high after gaining by 16% on 29 October. However, DOGE’s outstanding performance is not an isolated case, as many meme coins are green. Above all, the entire crypto market is almost bullish. For instance, bitcoin is a few hundred dollars shy of its all-time high. In fact, Bitcoin’s bullish market performance triggered the current crypto market rally.
At the time of publication, Bitcoin was trading at $72,141 BTC/USDT on Gate.io. As a matter of fact, Bitcoin gained by 1.15% during the last 24 hours. Similarly, its trading volume increased by 9.75% while its market cap grew by 1.17%. The hype around Bitcoin’s current rally has roused crypto investors’ interest in many cryptocurrencies, including meme coins. Therefore, there is a fresh flow of money into the sectors. Already, some analysts have come up with wild predictions about Bitcoin’s performance. For example, some predict the Bitcoin price to fluctuate between $100,000 and $160,000 by the end of the year. Others forecast its value to reach $235 during 2025.
Dogecoin Leads by Example
Doge, ranked the number one meme coin by market capitalization, gained by 1.30% during the last 24 hours. However, its price rose by 23.13% during the last seven days. Similarly, the value of the second-ranked meme coin, Shiba Inu, increased by 4.44% within the same period. PopCat, the Solana-based meme coin, gained 22.14% during the last 7 days. One of the record breakers was Pepecoin, whose value had increased by 51.01% during the previous seven days. These figures show that meme coins performed well within the past few days.
As you note on the image, most meme coins performed well within the last 7 days. During the same period, Bitcoin rallied significantly.
As for Dogecoin, its performance during the first few weeks of the month was below expectations. It only gained much traction within the last 7 days. Worse still, its price-performance was sluggish during the past six months. Its bullish trend started on 25 October when there was a rise in its buying activity. Thus, its price rose above the $0.13 level, one of its key levels. After that, it retested the $0.169 mark before falling back towards the support level at $0.165. At the time of writing, DOGE is exchanging hands at $0.168 DOGE/USDT at Gate.io exchange. Nevertheless, its 7-day price chart shows that it is in a downtrend.
How DOGE May Perform?
As the image shows, the nearest Dogecoin support level is at $0.14. An increase in DOGE market activity may push its value to $0.21. If the buying pressure increases further, its price may reach $0.29, which was its March high. On the other hand, a rise in its bearish pressure may see its price fall towards $0.14. Apart from DOGE, several other meme coins like Floki, WIF, Popcat, PEPE, and Mog may also attract a lot of investment.
The Overall Meme Coin Market Performance
The recent price rises of several meme coins, including DOGE, have pushed the sector’s total market cap to $64.2 billion. Basically, the accumulative meme coin value rose by 188%. Another interesting aspect is the sharp increase in the total meme coin trading volume. For example, on 26 October the total meme coin trading volume rose 800%.
The diagram shows that the meme coin market capitalization has increased since 14 October. Now, let’s look at some of the meme coins that performed remarkably within the past 7 days. These include PopCat and Moo Deng.
Moo Deng:
Currently, Moo Deng is one of the most performing meme coins on the market. Although its short-term price charts show bearishness, it recently performed impressively. For example, its price surged by 85% after Binance announced that it would launch its MOODENGUSDT Perpetual Contract. When writing, Moo Deng is trading at $0.000072 MOODENG/USDT after it lost by 0.22% within the last 24 hours. As a fact, Moo Deng is one of the most sought-after Solana-based meme coins at the moment.
PopCat:
PopCat is another Solana-based meme coin that has been trending for the past few weeks. It is one of the few cryptocurrencies that have attained new ATHs within a short period. For example, on 20 July, PopCat attained an ATH of $1. Now, just a few months later, it attained a new ATH of $1.81, reached on 29 October. At press time, PopCat is just 6.76% below its fresh ATH. However, hope is strong within the sector that it will have another new all-time high any time this year. It shows that the meme coin is in high demand. It is most likely that another ATH will see it surpassing $2.
However, the list of trending meme coins is high. Pepe Unchain, Crypto All Stars, Memebet token, Sponge, and Shiba Shootout are some of the most promising tokens. In addition, some well-established meme coins such as MAGA, TREMP, BONK, and BOME are likely to attract more investment as well. If many such tokens follow the same trend, there may be a meme coin season soon.
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