Crypto’s most popular meme coin, DOGE, appears to be pulling back harder than every other top twenty cryptocurrency by market capitalization, even after its overnight trading volume hit $5 billion.
According to data by CoinGecko, DOGE is now down 4.6% in the last 24 hours to trade at $0.1213. It’s cooling from a seven-day rally that added as much as 45% to its price.
In fact, among the biggest cryptocurrencies by market cap, Dogecoin is correcting the steepest. Market leader Bitcoin (BTC) only shed 0.4% overnight while Ethereum (ETH) shed 1%.
With virtually every top cryptocurrency depreciating in price today, many are wondering if Bitcoin’s phenomenal rally, which drove it briefly past $63k yesterday, is finally losing steam.
The only other the top five meme coin to pull back in price today is DOGE’s closest contender, Shiba Inu (SHIB), which lost 2.5% to change hands at $0.000013 as of this writing.
Prices rose across the market all week as institutional money continued to pour into Bitcoin following the mid-January launch of spot exchange-traded funds (ETFs).
ETFs enable investors to buy an investment product that directly tracks the price of Bitcoin, which many see as an attractive alternative to the known hazards of directly storing Bitcoin.
$10 DOGE?
A cursory glance at DOGE’s chart shows the coin has hit heights not seen since November 2022.
Given such a rapid ascent, a correction is probably inbound, however with a current Relative Strength Index (RSI) of 50, DOGE appears to be priced well at this point.
The meme coin leader will likely continue tracking Bitcoin’s and Ethereum’s price movements over the spring.
In addition to the hype around ETFs, anticipation over Bitcoin’s upcoming halving is also driving prices.
On April 19, miners’ Bitcoin block rewards are halved, which means the issuance of new Bitcoin will be constricted.
Historically, the halving has led to price rallies because demand for Bitcoin typically remains consistent through the supply squeeze.
With ETFs just launched, institutional demand for Bitcoin has increased, so the upcoming halving is unlikely to be different to previous halving events.
In any case, $10 DOGE is very unlikely, but there’s room for hope that the Doge Army can pump their favorite coin to $1 before the year is out.
How About $10 SMOG?
Dogecoin, Bonk, Pepe, Shiba Inu… The recent price performances of the market’s leading altcoins reveal the whimsical volatility still inherent in crypto investing.
Meme coins typically piggyback off the cultural capital of their underlying meme. Why are dog meme coins so popular? Because the internet loves Doge and so does its crypto-holding denizens.
In a market where one well-placed tweet can add eye-watering intraday gains, it’s important to have an avatar that people can immediately recognize.
That said, when a project combines a strong meme with strong fundamentals, it sets itself up for some potentially explosive returns.
Smog (SMOG) is a great example. The Solana and Ethereum-based token listed a few weeks ago on the Jupiter and Birdeye DEX aggregators.
It’s up by 15% in the past 24 hours alone, while it has also risen over 2,500% since listing. Many prospective buyers are being enticed by the token’s airdrop system.
The protocol promises great rewards for investors who can hold onto more of their SMOG tokens for longer.
Around 1.4 billion SMOG—35% of its overall supply—is allocated to future drops. SMOG’s staking system offers yields of 42% APY to incentivize people to hold onto their tokens.
People can also complete various tasks to get rewarded with more credits for the coin’s airdrops.
The token can be bought and sold via Jupiter or Birdeye, or at the official Smog website.
Will SMOG unseat the meme coin field’s many dogs and become top of the food chain, or will we see a $10 DOGE?
Nobody knows, but if you want to help SMOG along, you can Buy SMOG Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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