Can Dogecoin Price Kill a Zero as it Climbs 6% to $0.088 as Meme Coins Gain Traction
Dogecoin price continues to outperform its peers as it inches closer to obliterating one zero. In just 14 days, DOGE’s value has grown by 22.2% to trade at $0.088 at the time of writing. The largest meme coin will probably close the week above $0.1 as the bulls eye a return to $0.1586.
Meme coins have generally gained traction since the New Year, with their total market capitalization growing to $19 billion. Dogecoin accounts for the largest chunk of the meme coins’ market share at $11.8 billion. Shiba Inu, which surged by 15.4% in 24 hours, is the second-largest dog-themed token with $7.1 billion in market cap.
Other best-performing meme coins include Dogelon Mars up 15.7% in seven days, FLOKI up 27%, Kishu Inu up 28.2%, Shiba Predator, up 20% and Hoge Finance, up 31% in the same period.
It is worth mentioning BONK, which despite being a new token, has gained a huge following for being the first Solana blockchain meme coin. Needless to say, Tamadoge (TAMA) is up 6.6% in a week to exchange hands at $0.0143. TAMA has the potential to become the largest meme coin in the market bolstered by several use cases as a play-to-earn and metaverse token.
The OG meme coin, DOGE is sitting on top of robust support at $0.0847, reinforced by the 200-day Exponential Moving Average (EMA) (in purple). Slightly below this level is confluence support created by the 100-say EMA (in blue) and the 50-day EMA (in red) at $0.0806.
Dogecoin price’s immediate downside is also home to a critical falling trend line. All these support areas emphasize DOGE’s undeniable ability to continue with the uptrend and eat one more zero for gains above $0.1.
The Moving Average Convergence Divergence (MACD) indicator adds credibility to the optimistic outlook for to
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