- The value of the meme coin market has skyrocketed in the past 24 hours.
DOGE and WIF have logged double-digit price rallies during that period.
As a researcher with extensive experience in the crypto market, I’m closely monitoring the recent developments in the meme coin sector. The value of this market has experienced an unprecedented surge over the past 24 hours, with DOGE and WIF logging double-digit price rallies during that period.
As a researcher studying the meme market, I’ve observed a noticeable surge in trading activity over the last 24 hours. This uptick can be attributed to Keith Gill’s recent reemergence on his Roaring Kitty X account for the first time since 2021.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
A man intently playing a video game with a controller in hand significantly boosted GameStop’s stock value by over 100% within a day.
Before midday on the 13th of May, the stock trading was paused multiple times to minimize market instability.
The rally in GameStop’s stock led to increased activity in the meme coin market.
Based on information from CoinMarketCap, the trading volume in that market reached a staggering $8 billion within the past 24 hours, marking a significant surge of more than 170% compared to the previous period.
The sector’s market capitalization also increased by 10% during the same period.
DOGE and WIF head in different directions
Over the past day, both popular meme assets, Dogecoin (DOGE) and Dogewhiz (WIF), have experienced significant growth with double-digit percentage increases. Specifically, DOGE has surged by around 10%, while WIF has witnessed an uptick of approximately 11%.
At present, I observe DOGE being traded at a price of $0.15. The remarkable surge of over 10% in the past 24 hours has propelled its value above the previous support at $0.14. Bullish investors are now making efforts to surpass the resistance level at $0.16, aiming for further gains.
However, for this to happen, demand for the meme coin has to be sustained.
The one-day chart analysis of DOGE‘s coin indicators revealed that there was still a lack of significant buying pressure in the market based on their key momentum readings.
At the current moment of reporting, the Relative Strength Index (RSI) stood at 49.84, falling below the 50-mark that represents neutral ground. Similarly, its Chaikin Money Flow (CMF), serving as a gauge for money inflows and outflows, hovered around its zero line.
Despite the increase in DOGE prices over the last 24 hours, the market demand has not surpassed its supply level.
In contrast, WIF performed significantly better based on its current momentum indicators. At present, these indicators are positioned above their midpoints.
As an analyst, I’ve observed that the Memo Coin’s Money Flow Index (MFI) stood at 66.61, while its Relative Strength Index (RSI) was trending upward at 52.68. These indicators hinted towards an increasing accumulation of the coin in the market.
As a crypto investor, I’ve noticed that my holdings in WIF have experienced a noteworthy increase of 11% over the past day. This upward trend has propelled the price of WIF above its 20-day simple moving average (SMA).
If an asset’s price surpasses its moving average, it’s a sign that a bullish trend is starting to take shape in the near to mid-term future.
It often means that buyers have regained control, and the asset’s price is trending upwards.
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2024-05-14 12:07