Hi Guys,
It's Big & Big #alert About $DOGE Rally !!!
GameStop takes lead over Dogecoin with impressive rally – What now?
DOGE is not the only memecoin trailing behind the trending token. Here is why GME is on top.
GameStop [GME] stole the show from Dogecoin [DOGE] and other memecoins in the market between the 8th and 9th of June. According to CoinMarketCap, GME’s price increased by 28.25% in the last 24 hours.
However, it is necessary to point out that the GameStop referred to here is not the same as the GME stock. Instead, this is a memecoin developed on the Solana blockchain. It was built in honor of GameStop stock trader Keith Gill.
At press time, GME’s value was $0.019 with a market cap of $124.66 million. As of this writing, GME spiked while many memecoins including DOGE experienced notable downturns.
More hype for the kitty
AMBCrypto discovered the reasons for this performance. Based on our findings, the attention around the cryptocurrency was still at a high level. However, for DOGE, discussions about it was nowhere near GameStop.
The social dominance was one metric that proved this position. According to Santiment, Dogecoin’s social dominance was 1.881%. For GameStop, it was 4.754%.
Furthermore, the significant difference implied that demand for GME could remain higher than DOGE. Beyond that, AMBCrypto observed that the reading was a notable drop from 13.20% on the 7th of June.
DOGE and GME to go down
The indicator also shows if an asset is overbought or oversold. Reading at 30 or below indicate that a token is oversold.
However, a reading at 70 or above suggests that it is oversold.
At press time, the RSI reading on GameStop’s daily chart was 81.65, indicating that it was overbought. Therefore, profit-taking could increase in the short-term.
If this happens, the price of the token could slide to $0.015. For Dogecoin, the RSI was 42.05, suggesting that the momentum was bearish.
