Dogecoin Soars to Sixth Place as Meme Coin Sector Stages Epic Comeback
- Dogecoins mrkt cp surgd to $42.98 billion, proplling it to sixth plc in rnkings.
- Anlysts prdict Dogecoin could pk btwn $3.95 nd $23.26, signling mssiv rlly.
- Th meme coin mrkt ss rsurgnc, with Shiba Inu, PEPE, nd othr coins rcording notbl gins.
Th crypto mrkt witnssd drmtic shift following Donld Trumps victory lst wk. Dogecoin (DOGE), th worlds most prominnt meme coin, mrgd s th biggst bnficiry, xtnding its wkly gins to stggring 86%. This surg proplld DOGE to th covtd sixth position in th cryptocurrncy rnkings, surpssing stblishd plyrs lik XRP nd USDC. Th mrkt cpitliztion of DOGE skyrocktd to nw high of $42.98 billion, furthr solidifying its position s mjor forc in th digitl sst lndscp.
Analysts Anticipate a Major Rally for Dogecoin
Crypto nlysts r brimming with optimism rgrding Dogecoins futur trjctory. Ali Mrtinz blivs tht DOGE is on trck for notbl rlly. Drwing insights from historicl chrt pttrns, Mrtinz pinpoints potntil pric pk for Dogecoin btwn th 1.618 nd 2.272 Fiboncci lvls. This trnslts to trgt rng of $3.95 to $23.26, indicting potntil prbolic phs for th meme coin nd substntil opportunity for growth.
Dt from Coinglss rvls significnt mount of liquidtion ctivity surrounding Dogecoin in th pst 24 hours. Ovr $66 million worth of DOGE positions wr liquidtd, with short liquidtions ccounting for $32.76 million nd long liquidtions for $33.77 million. Intrstingly, th opn intrst for DOGE hs lso surgd by rmrkbl 18.21%, surpssing $2.42 billion. This suggsts tht dspit som short-trm voltility, trdrs rmin bullish on Dogecoins long-trm prospcts.
Meme Coin Frenzy: Dogecoin Leads the Charge
Dogecoins mtoric ris hs sprkd rvivl cross th ntir meme coin sctor. Shiba Inu (SHIB), clos comptitor, xprincd 12% incrs in th lst 24 hours, pushing its wkly gins to ovr 52%. Othr notbl ginrs includ Pp Coin (PEPE), Dogwifht (WIF), nd Bonk (BONK), ch rcording imprssiv gins rnging from 45% to 49% ovr th pst wk. Notbly, th PEPE pric pprs to b on th cusp of nothr significnt rlly, potntilly xcding 200% in th nr futur.
Th combind impct of ths rllis hs proplld th ovrll cryptocurrncy mrkt cpitliztion to stggring $2.07 trillion. This rprsnts rmrkbl incrs of $400 billion within wk, with Dogecoin lding th chrg. Whil still short of th ll-tim high of $2.76 trillion rchd in Mrch 2024, th mrkt is undnibly on n upwrd trjctory.
Bitcoin, th undisputd ldr, hs lso bnfitd from this positiv sntimnt, rcntly hitting nw ll-tim high of $81,843. Anlysts r now cutiously optimistic bout th possibility of Bitcoin rching th highly nticiptd $100,000 mrk.
Related Readings | Bitcoin Soars Past $76,000, Analyst Predicts $500,000 Within Four Years
Read more: https://www.tronweekly.com/dogecoin-soars-to-sixth-place/
Text source: TronWeekly
