On Thursday morning, the crypto-meme sector experienced massive upside momentum following the opening of the traditional market. The top meme tokens like DOGE, SHIB, WIF, and PEPE also underwent significant upward movement.
Why crypto market is moving upside?
This bullish momentum comes after a substantial fall experienced by the overall cryptocurrency market due to the release of United States CPI data (Consumer Price Index) and geopolitical tension between Iran and Israel. However, the major reason behind this massive upside momentum is not yet known.
Looking at Dogecoin (DOGE), the world’s biggest meme coin is currently trading near the $0.15 level, and in the last 24 hours, it experienced a decent 1.6% increase in value. Besides the price surge, data from CoinMarketCap highlights that investors, as well as traders, are showing more interest in DOGE, as its 24-hour trading volume has jumped by 22% to currently stand at $2.2 billion.
The second biggest meme coin, Shiba Inu, is currently trading near $0.000022, and in the last 24 hours, it experienced a significant 5% increase in value. However, this surge occurred following the opening of the US stock market. Besides price surges, data from CoinMarketCap shows that traders, as well as not investors showing interest as its 24-hour trading volume is 5% down and it currently stands near $559 million.
Today’s meme coins performance
Whereas the 3rd biggest meme coin dogwifhat (WIF) price soars massively by 7% and currently trading near $2.57. Similar to SHIB, investors, as well as traders, also show a lesser interest in WIF as its 24-hour trading volume is negative and currently it stands at $509 million. Looking at these meme coins, data shows that investors, traders, and institutions show a strong interest in DOGE.
According to expert technical, DOGE crypto is currently trading near a crucial level (Demand Zone) on a weekly time frame. Any weekly candle closing below $0.14 level we may see a massive downside momentum till the $0.11 level. Whereas, if market sentiment changes due to the upcoming halving event there is a possibility that the DOGE price could surge to the $0.22 level.
