Is the bull market really coming?
On the other hand, with Bitcoin at $69,000, Bitcoin dominance at its highest level in nearly three years, and Musk calling for DOGE to surge 15%, these three bullish factors appearing at the same time, it is hard not to think: Is the bull market really here?
Bitcoin Dominance (BTC.D)
First, looking back at Bitcoin's dominance in the market in the past (BTC.D), according to TradingView, BTC.D is currently at 58.9%, which is the highest level since April 2021. At that time, Bitcoin's dominance was gradually declining from its January 2021 high. The price of Bitcoin also experienced a deep correction in April 2021, and then rebounded in July.
Next, we move forward to September 2018, when BTC.D officially broke through 58.9%. However, looking back at the situation at that time, the price of Bitcoin was still falling. In the following months, BTC.D continued to rise, and the price of Bitcoin also continued to climb from the low point.
Recently, BTC.D has broken through a new high in the past three years. Based on past experience, it may lead to subsequent market FOMO. It is reasonable to infer that it will take a period of brewing before the price will have significant growth.
Musk calls for a surge in orders
In addition, Musk’s call for orders has been an event since 2021, but a few months ago, when Musk called for the idea of "Department of Government Efficiency (DOGE)", the DOGE market situation did not actually change much.
This time, not only did DOGE surge 15% in a short period of time, it is still rising today. This reminds people of Musk's call for DOGE in the bull market in 2021. In January, February and April 2021, Musk called for DOGE on Twitter. At that time, DOGE rose by at least 37%, and the highest was 404%.
Which “Dogecoins” are favored by buyers in this bull market in 2024?
1.Dogwifhat (WIF)
Dogwifhat (WIF), a dog-themed meme coin on the Solana blockchain, has quickly become a cryptocurrency and has been endorsed by celebrities such as Ansem and Hsaka. Its value has skyrocketed 40,000% in just a few months, reaching a market cap of $1.5 billion, making it the third largest dog token after Dogecoin and Shiba Inu. WIF's rapid growth highlights the strong community support and speculative interest that has driven the meme coin market.
2. Flakes
Floki is a dog-themed meme coin. On June 25, 2021, Dogecoin founder Elon Musk posted a tweet that quickly went viral. Floki was then launched in September 2021. Elon tweeted that he would name his pet dog "Floki". The founder used the rapidly spreading tweet and the influence of the Tesla founder and CEO to create a meme token.
Like most memecoins, Floki was initially launched by anonymous developers who eventually abandoned the project to withdraw their funds, leaving investors stranded. But these investors worked together to restart the project and create guidelines and structures for the project’s maintenance and investment protection.
3. Dogecoin (DOGE)
Dogecoin (DOGE) is a community-driven meme cryptocurrency that is used as a medium of exchange like Bitcoin. Dogecoin is primarily used for tipping systems on Reddit and Twitter, rewarding people who create or share high-quality content. There is no cap on the supply of Dogecoin, with an annual inflation of 5 billion DOGE, which is about 13% of its circulating supply. Nasdaq estimates that its inflation rate will drop to 2.4% by 2040, which is similar to the current inflation rate of the US dollar and will continue to decline over time.
Dogecoin is now trading at $0.1448, up 12% on Friday, with the price breaking through $0.134 for the first time since July.
4.Bonk (BONK)
Bonk (BONK) is a Solana-based dog-themed memecoin that was launched in December 2022 to support and revitalize the troubled Solana community.
As a dog-themed token similar to DOGE and SHIB, BONK positions itself as a social token focused on community engagement through BonkDAO. Developers envision BONK becoming the main token to facilitate DeFi and NFT transactions on the Solana network.
