Bitcoin's sprint to $100,000 failed, and $DOGE emerged strongly, approaching the half-dollar mark. Is the king of Meme coins back?
Last night, the focus of the cryptocurrency circle was entirely on Bitcoin. BTC was just $250 away from reaching the $100,000 milestone, but due to a lack of momentum, it suddenly dropped by over a thousand points, slightly cooling the market's enthusiasm. But at that moment, while Bitcoin took a breather, Dogecoin (DOGE) burst onto the scene like a dark horse, soaring with astonishing speed, directly breaking the $0.48 mark, which is a new high in three and a half years!
DOGE has become the leader of the Meme category, with an unstoppable momentum. After several days of buildup, DOGE finally broke the resistance level of $0.42 yesterday, peaking at $0.48, just a tad away from its historical high of $0.73. Why has DOGE surged so fiercely? Simply put, market sentiment has been ignited, with Elon Musk once again pushing Meme culture, and coupled with the strength of the Dogecoin community, the market momentum has skyrocketed. Moreover, those who shorted DOGE were liquidated for nearly $40 million within 24 hours, adding fuel to DOGE's price rise.
However, the market for Meme coins is also differentiated; the strong continue to be strong, while the weak are left behind. With DOGE's explosive growth, SHIB has also benefited, rising over 7%. But other Meme coins haven't been so lucky; coins like PEPE, FLOKI, and PNUT have all fallen over 7%, resulting in a market situation of "one dominant player."
So, could DOGE be the barometer for the next bull market? Some analysts have said that if DOGE can break $0.5, the next target could be above $0.6. But that said, one must weigh the risks carefully; the market for Meme coins has always been highly volatile, with plenty of bubbles, so caution is key.
Prepare in advance for potential coins, like and comment, keep up with my rhythm, and make a fortune in this bull market!
