DOGE leads the meme market, and the co-founder humorously responds to the reason for the rise
Recently, DOGE has emerged in the meme coin market and led a wave of rebounds. However, Billy Marcus, the co-founder of Dogecoin, said "I don't know" about the reason for this wave of rise. Although the price has fallen back, Dogecoin has still achieved a 14% increase in the past week, showing strong momentum.
In a post on social media, Marcus responded to questions about the rise in Dogecoin prices in a humorous way. He said that his answer to the price fluctuations of cryptocurrencies is almost always "I don't know". This statement has sparked heated discussions among netizens, but it also reflects the complexity and unpredictability of the cryptocurrency market from one side.
From the market trend, Dogecoin's rebound is consistent with the broader cryptocurrency market trend. However, the cryptocurrency market suffered an overall decline on Monday, with the global market value shrinking by about 4%, which may be related to economic concerns in the United States. Memecoins were not spared, with an overall decline of more than 4%, and Dogecoin also fell 4% in 24 hours.
Nevertheless, looking back at August and September, almost all memecoins experienced significant increases. The top ten meme coins, including SHIB, PEPE, WIF, and BONK, achieved double-digit price increases during this period. In particular, NEIRO, a dog-themed token based on Ethereum, rose by more than 1,600%.
From the technical indicators, Dogecoin entered a relatively calm phase at the end of September. Before the decline, the relative strength index on the daily chart of the US dollar had shown signs of overbought. Although the price trend slowed down and adjusted downward, the RSI value remained in the neutral range of 50-70. At the same time, the Bollinger Bands indicator indicates that the market is about to fluctuate.
The chart of TradingView shows that the average price line has fallen back from the upper volatility band, but it still maintains an upward trend, which indicates that the market may have only experienced a short consolidation phase and may reverse.
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