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Sujit Kumar
Oct 18, 2024
by Sujit Kumar

Dogecoin Surges 11% Amid Meme Coin Mania

Dogecoin Surges 11%

Table of contents

  1. Meme Coins Take the Spotlight
    1. Dogecoin’s Price Outlook
Dogecoin (DOGE), the popular meme cryptocurrency, saw an impressive price surge of over 11% in the past 24 hours, outperforming most major cryptocurrencies. At the time of writing, DOGE was trading at $0.1344, up 9.35% in the last day and 25% for the week.

Meme Coins Take the Spotlight

While major cryptocurrencies like Bitcoin and Ethereum posted modest gains of less than 1% during the same period, meme coins have taken center stage. Dogecoin led the rally, while Shiba Inu, Floki, and MEW also gained almost 5%.

According to on-chain analytics platform Santiment, this surge in meme coins is tied to increased community discussions. Santiment noted a significant shift in market focus away from major layer-1 cryptocurrencies, like Bitcoin and Ethereum, to more speculative meme coins. Typically, this kind of shift can indicate a market correction due to rising greed among traders. Santiment added, “market-wide dips are occurring,” hinting that the focus on meme coins could lead to volatility.

Dogecoin’s Price Outlook

Dogecoin has been gaining momentum since October 10, when it bounced off support at $0.102. The surge has propelled DOGE above the 200-day simple moving average (SMA) of $0.1294, a level that previously hindered its growth in May and July. Market analysts now expect a break above this key resistance level could trigger further gains. If DOGE surpasses $0.14, it may rise to $0.17, with a potential target of $0.19.

However, if profit-taking ensues, support at the 50-day moving average of $0.108 could provide stability.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Dogecoin Surges 11%
Dogecoin Surges 11% Amid Meme Coin Mania
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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