Thursday morning, meme coin The sector experienced a great upward momentum after the opening of the traditional market. Top meme coins such as DOGE, SHIB, WIF, and PEPE also experienced a significant upward move.
Why Is the Crypto Market Moving Upward?
This bullish momentum follows a significant decline in the overall cryptocurrency market due to the release of United States CPI data and geopolitical tensions between Iran and Israel. However, the main reason behind this huge upward momentum is not yet known.
dogecoinLooking at (DOGE), the world’s largest meme coin is currently trading near the $0.15 level and is up a good 1.6% in the last 24 hours. In addition to the price increase, data from CoinGecko emphasizes that traders as well as investors are showing more interest in DOGE. Because the 24-hour transaction volume increased by 22% and is now at the level of 2.2 billion dollars.
The second biggest meme is coin Shiba Inu, currently trading around $0.000022. It has experienced a significant 5% increase in value in the last 24 hours. However, this increase occurred after the opening of the US stock market. Aside from the price fluctuations, data from CoinMarketCap shows that investors as well as investors are not paying attention as 24-hour trading volume is down 5% and is currently close to $559 million.
Performance of Meme Coins
3rd biggest meme coin dogwifhat (WIF) price increased by a large 7%. It is currently trading around $2.57. Similar to SHIB, investors as well as traders are showing less interest in WIF. Because the 24-hour trading volume is negative and currently at $509 million. Looking at these meme coins, data shows strong interest in DOGE from investors, traders, and institutions.
According to expert technicals, DOGE crypto is currently trading close to a key level (Demand Zone) on a weekly time frame. If any weekly candle closes below the $0.14 level, we could see major downside momentum towards the $0.11 level. On the other hand, if market sentiment changes due to the upcoming halving event, there is a possibility that DOGE price will rise to $0.22.
You can access current market movements here.
