Crypto News- In the realm of meme coins, the collective market valuation experienced a notable uptick of 4.42% within the last 24 hours, bringing the total market cap for meme coins to a robust $24.128 billion, as reported by CoinMarketCap.
While Dogecoin (DOGE), the largest meme coin by market cap, saw a modest 0.51% price increase in the past 24 hours, its competitor Shiba Inu (SHIB) faced a 1.46% decline, settling at $0.000009907 during the same period.
Breaking News: DOGE Faces Challenges in the Evolving Landscape of SHIB and BONK – What Lies Ahead?
Surprisingly, Bonk (BONK) emerged as the star performer among the top 10 meme coins, surging an impressive 102% in the last day of trading. This remarkable rally also propelled its weekly performance to a remarkable 144.46%, securing its position as the fourth-best performer for the week.
Given the impressive performance of BONK and the growing excitement around the SHIB ecosystem, particularly its layer-2 network Shibarium, Dogecoin (DOGE) may find itself compelled to make strategic moves in the near future. If DOGE’s fundamentals and price performance continue to lag in the coming year, its reign at the top could be in jeopardy.
Nevertheless, DOGE currently maintains a comfortable lead in terms of market cap, benefiting from its first-mover advantage over newer meme coins. At present, DOGE’s market cap stands at $17.723 billion, almost three times that of SHIB, valued at $5.834 billion.
Despite BONK’s recent strong performances, it has some ground to cover to compete with the established players like SHIB and DOGE. The collective market cap for BONK currently stands at $1,809,808,138, indicating room for growth.
Analyzing DOGE’s technicals, a positive price channel has formed on its daily chart over the past three weeks, marked by a series of higher lows and higher highs. While the altcoin briefly fell below this channel in the last five days, it is now attempting to re-enter the ascending channel.
Should DOGE successfully close today’s daily candle within the positive price channel, it may trigger bullish sentiment, potentially propelling the cryptocurrency to $0.10735 and even flipping this level into support. Subsequently, a close above this crucial mark could pave the way for DOGE to reach the next resistance level, aiming for $0.12855 within the next week.
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