As meme coins continue to gain popularity, can DOGE seize the opportunity to rebound?
This week, DOGE failed to rise as much as everyone expected due to the strong performance of other competitors. Although Bitcoin [BTC] fell below $61,000, providing traders with a good opportunity to buy meme coins at a low price, DOGE fell behind.
Among the 20 most popular meme coins, DOGE has the smallest 7-day increase, which is really disappointing. However, some analysts still believe that DOGE may have been quietly accumulating strength and preparing for a big rebound to regain everyone's attention.
DOGE fell a bit in early October, wiping out most of its previous gains. It is now facing resistance at $0.13210, and the MACD indicator on the daily chart is not looking good. Although the price of DOGE has risen slightly now, it will take a while for investors who lost money to return their money.
However, this situation may be just an illusion, and there may be hidden signals of a big rise behind it. The value of meme coins often depends on the sentiment of the community, not on Bitcoin. If Bitcoin stabilizes and stops going up, there may be a lot of money flowing into the memecoin market, giving everyone a chance to make some quick money.
Right now, there are 400,000 addresses holding 46 billion DOGE, with an average purchase price of $0.1228, and they are all still losing money. But if the popularity of memecoins continues to rise, these investors still have a chance to make money. But DOGE has to rely on the surge of other memecoins to drive its own rebound.
In short, DOGE, the largest memecoin, is now feeling the pressure from other competitors and its position is a bit shaken.
This makes the price of DOGE more unstable. Whenever the price of a memecoin falls to a low point, everyone thinks it is a good opportunity to buy and wait for it to rebound. Just like the big drop in early August, the price of DOGE fell below $0.10, but soon someone bought a lot and pushed the price up.
However, although some people are actively buying DOGE now, the price has not risen much. This may mean that someone else is messing with it behind the scenes.
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