Dogecoin price continues to outperform its peers as it inches closer to obliterating one zero. In just 14 days, DOGE’s value has grown by 22.2% to trade at $0.088 at the time of writing. The largest meme coin will probably close the week above $0.1 as the bulls eye a return to $0.1586.
Meme coins have generally gained traction since the New Year, with their total market capitalization growing to $19 billion. Dogecoin accounts for the largest chunk of the meme coins’ market share at $11.8 billion. Shiba Inu, which surged by 15.4% in 24 hours, is the second-largest dog-themed token with $7.1 billion in market cap.
Other best-performing meme coins include Dogelon Mars up 15.7% in seven days, FLOKI up 27%, Kishu Inu up 28.2%, Shiba Predator, up 20% and Hoge Finance, up 31% in the same period.
It is worth mentioning BONK, which despite being a new token, has gained a huge following for being the first Solana blockchain meme coin. Needless to say, Tamadoge (TAMA) is up 6.6% in a week to exchange hands at $0.0143. TAMA has the potential to become the largest meme coin in the market bolstered by several use cases as a play-to-earn and metaverse token.
The OG meme coin, DOGE is sitting on top of robust support at $0.0847, reinforced by the 200-day Exponential Moving Average (EMA) (in purple). Slightly below this level is confluence support created by the 100-say EMA (in blue) and the 50-day EMA (in red) at $0.0806.
Dogecoin price’s immediate downside is also home to a critical falling trend line. All these support areas emphasize DOGE’s undeniable ability to continue with the uptrend and eat one more zero for gains above $0.1.
The Moving Average Convergence Divergence (MACD) indicator adds credibility to the optimistic outlook for to
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