- The memecoin market is experiencing a surge, marking an 8.5% increase in total market cap.
- Dogecoin leads the rally with a 8% surge in just 24 hours, breaking out from a descending trendline.
- Dogecoin's Fear and Greed Index has shifted to neutral, signaling a change in sentiment.
- Shiba Inu follows suit with a 6.2% increase, also breaking out on its daily chart.
- Shiba Inu's burn rates have soared by 579% this week, suggesting a potential price increase.
- Both memecoins have surpassed significant formations, indicating a potential market takeover in the near future.
In the past 24 hours, the memecoin market has undergone a significant shift, displaying strong bullish tendencies with the two leading memecoins spearheading the surge.
Examining the current state of the memecoin market reveals a notable increase in market capitalization, soaring by approximately 8.5% to reach a substantial $57 billion.
Dogecoin, in particular, has seen a noteworthy uptick, currently trading at around $0.1635, marking an 8% increase within the last day. The surge in trading volume, amounting to a staggering 130%, signifies a substantial $1.9 billion worth of transactions processed by the Dogecoin network during this period.
Assessing Dogecoin's price trajectory, recent developments indicate a shift in market sentiment. Despite struggling to surpass the $0.12 support level mere weeks ago, the Dogecoin fear and greed index now sits at a neutral value of 51%, reflecting a resurgence of bullish activity.
Furthermore, Dogecoin's technical analysis reveals encouraging indicators, with a notably positive social sentiment score and favorable market outlook.
Evidenced by recent price movements, Dogecoin appears to have rebounded from its 99-day Exponential Moving Average (EMA) and breached a descending trendline, marking a significant milestone since its previous rejection at $0.2288 on March 28th. This breakout positions the cryptocurrency to potentially reclaim key resistance levels at $0.17, $0.2, and $0.22 in the near future.
Meanwhile, Shiba Inu has also experienced a surge, climbing by approximately 6.2% in the last 24 hours, reaching a price of $0.00002543. Similar to Dogecoin, Shiba Inu's trading volume has seen a substantial increase, rising by 135% and processing nearly $1 billion worth of transactions within the same timeframe.
Noteworthy developments in Shiba Inu's ecosystem include a remarkable 579% spike in burn rates over the past week, resulting in the destruction of nearly 10 million tokens, equivalent to 57.6 million $SHIB, as reported by ShibBurn.
These token burns mirror actions taken by other memecoins, such as $FLOKI's proposal to eliminate over 15 billion tokens, indicating a broader trend within the memecoin space.
From a price perspective, Shiba Inu mirrors Dogecoin's trajectory, breaking above a descending trendline and signaling potential for an 80% rally forward. Investors may anticipate a retest of the previous local high of $0.00002555 if bullish momentum persists.
As with any investment, it's crucial to acknowledge the inherent volatility of cryptocurrencies and conduct thorough research before making financial decisions. While Voice of Crypto strives to provide accurate and timely information, readers are encouraged to verify facts independently.