• Dogecoin (DOGE) has gained 1% in the past week but is down 17% in the last 30 days.
• DOGE is part of a broader “mini-season” for meme tokens, with Pepe Coin (PEPE) leading the market.
• A Dogecoin address containing 1.5 million DOGE has been activated after spending 9 years dormant.
Dogecoin Price Increase
Dogecoin (DOGE) has risen by 1.5% in the past 24 hours, reaching $0.079494 after the cryptocurrency market reacted positively to the Federal Reserve’s latest rate hike. This means that DOGE has gained by a modest 1% in the past week but is down by 17% in the last 30 days, although the original meme token has gained by 13% since the start of 2023.
A Mini-Season for Meme Tokens
DOGE’s slight rally today also comes as meme tokens, in general, are having something of a mini-season, with Pepe Coin (PEPE) in particular, beating much of the market right now. And with the Dogecoin community still expecting Twitter to introduce DOGE payments in the not-too-distant future, DOGE could be in for a big rally of its own soon enough.
Indicators Suggest Fall Ahead
Dogecoin’s indicators move into an unpromising position as its 30-day moving average (yellow) just about to drop below its 200-day average (blue), forming a ‚death cross‘ that usually signals more falls. That said, DOGE’s relative strength index (purple) seems to be resisting a fall further below 50, with the indicator flattening out at the 45 level and support level not dropping over the past week – something which suggests that it may not actually drop any further soon enough.
1 Million Dogecoins Activated After 9 Years
An alert revealed that a Dogecoin address containing 1.5 million DOGE has been activated again after spending nine years dormant and this could suggest that owner is preparing to sell – although other whales activity moves are mixed at present moment; some moving funds to exchanges and some from exchanges recently too.
Meme Token Mania Impacting Market
The crypto markets have recently been hit with mania for meme tokens and PEPE rose 600% over past week and while this trend hasn’t quite expanded yet towards include Dogecoin; it’s possible traders will turn once again towards it when fervor surrounding PEPE and WSB Coin subsides eventually.. Being a meme token there isn’t any fundamental reason why investors should pick it over other tokens apart from enduring popularity – however hopes remain on side that Elon Musk owned Tesla will introduce payments via Dogecoin soon!