DOGE’s position on the list keeps interest in meme coins alive

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The segment of meme coin heavily enjoys support from the community. For one, it does take pride in entertaining the community members. Two, an ideal objective is to stay in the game and yield productive results for token holders. Just like the crypto sphere on a macro level, there are changing dynamics in the meme coin sector too – something that precisely needs to be addressed for a rough understanding of where the segment can go in the times to come.

DOGE, even though at the top of the charts for meme coins, is listed at the 8th position in the list of cryptocurrencies. This is based on the Market Cap of all the tokens considered with DOGE rallying at $21,700,008,236 at the time of writing this article.

Position of Dogecoin (DOGE) and developments

DOGE is well-positioned in the top 10 cryptos in terms of Market Capitalization. Dogecoin is closely followed by Shiba Inu’s SHIB. A couple of developments that are driving DOGE in the market are on two sides – positive and negative.

For starters, the positive side estimates that DOGE could soon find comfort in the bull run provided it sustains the mark of $0.15. It is seen doing so while drafting this article, listed at $0.1509. The red-line trading activity is likely to be temporary, influenced by what is happening in the market. This takes the course to the second side – negative.

Whales were seen moving ~456 million DOGE coins to Coinbase as of April 26, 2024. This happened in two separate transactions, with the following makeup:

228.10 million + 228.72 million.

For reference, a single DOGE is listed at around $0.15. These transactions have sparked bearish sentiments to make traders and investors believe that there is a loss of interest in DOGE. No confirmation has surfaced so far considering transactions executed by whales remain unidentified.

The technical indicator is furthering the worry of traders. For instance, the Head-and-Shoulder formation of DOGE on the graph has been flagged by analysts based on the 12-hour chart. Nevertheless, Dogecoin has emerged as one of the mainstream cryptos that houses a robust network and infrastructure. It continues to instill a sense of confidence, especially with a Musk-DOGE 1-minute animation making rounds on X.

Scope for other meme coins

Three meme coins are worth mentioning here, for they demonstrate a positive growth in token value and Market Cap. These are SHIB, MVP, and PEPE.

SHIB is rallying at $0.00002551 with a surge of 2.45% in the last 24 hours. It is only two times that the meme coin has plummeted below $0.0000250 in the last 24 hours. The picture in the last 7 days is certainly a different one but it still depicts a rise of 12.82%.

MAGA VP, also known as MVP, meme coin is emerging rather strongly as a candidate to revolutionize the landscape as a PolitiFi meme coin. The token value is $0.1326, up by 99.83% in the last 7 days. The 24-hour volume has surged by 7.29% with a slight decrease in Market Cap of 8.23%.

PEPE is exchanging hands at $0.000007476, an increase of 3.17% in the last 24 hours and 45.29% in the last 7 days. It is one of the few meme coins to have seen a rise in Market Cap and 24-hour volume at the press time – 3.27% and 5.34%, respectively.

Conclusion

DOGE is setting the stage for the meme coin segment. A total of three cryptos could follow the trend early – SHIB, MVP, and PEPE. This is based on Market Cap and is subjected to volatility. It is recommended to conduct research and explore the market before allocating funds to any crypto.