The post Dogecoin – Assessing memecoin sector’s latest reaction to DOGE’s price hike appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) outperformed major cryptocurrencies this past week with gains of 5.63% A hike in social media buzz and speculations around the memecoin have fueled Dogecoin’s rally Dogecoin (DOGE) recently emerged as the top weekly performer among the market’s major cryptocurrencies, recording gains of almost 6% in just one week. The memecoin’s performance stood out, especially since the rest of the market went the other way on the charts. In fact, most large-cap assets, including Bitcoin (BTC) and Ethereum (ETH), saw smaller weekly gains of 2.22% and 0.34%, respectively. Source: CoinMarketCap Dogecoin’s rally is particularly significant in the current market climate, as it pointed to renewed interest in memecoins and community-driven tokens that often benefit from social media hype and online communities. While Bitcoin and Ethereum have maintained their market dominance with stable performances, Dogecoin’s recent growth could indicate the possible resurgence of meme-based cryptocurrencies. This movement could have implications for other similar tokens, potentially marking the start of a trend in which community-driven assets gain more attention and market share. Dogecoin leads market sentiment shift Source: TradingView Over the last seven days, Dogecoin has seen major price fluctuations, closing out the week at $0.15 after briefly peaking near $0.17. In fact, the daily candlestick chart highlighted notable price movements and trading volume spikes – Particularly between 30 October and 02 November. This period saw a sharp hike too, one followed by a pullback as the trading week progressed. Trading volume was especially pronounced towards the start of the week, indicating strong buying interest and market excitement. However, as the days moved forward, trading volumes tapered off, reflecting a cooling phase as initial momentum subsided. What this meant was that the early-week rally may have been fueled by a mix of speculative buying and trader-driven activity. Source: CoinMarketCap Source: CoinMarketCap…

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Filed under: News - @ November 5, 2024 2:12 am