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- 1 Dogecoin (DOGE) added 8.20% to its trading prices in the weekly time frame.
- 2 Shiba Inu (SHIB) reflects a steep decline of over 1.20% in the weekly time frame.
- 3 A possible reason behind DOGE’s surging prices could be the recent upgradation of Twitter.
Dogecoin (DOGE) is one of the most popular memecoins in the entire industry. After a detailed analysis, it was observed that memecoin prices surged approximately 8.20% in the weekly time frame.
According to CoinMarketCap, Dogecoin was trading at $0.07454 with an intraday trading volume of $851,728,949. It is important to note that DOGE’s 24-hour trading volume reflected a surge of 200.44% and it is ranked as the 8th most traded coin in the market.
DOGE has been opposing market sentiments for the past week. Despite bearishness in the market, it broke the long-term resistance. However, Bitcoin is still trading below $30k at press time.
It is often claimed that a certain centi-billionaire influences the prices of Dogecoin, and it is believed that the recent upgradation of Twitter and its logo is one of the possible reasons behind the surge.
Many sources claim that Elon Musk and his companies have invested heavily in the crypto industry, especially in memecoins. Moreover, electric vehicle manufacturer Tesla has started accepting payments made via cryptocurrencies, especially with Bitcoin and Dogecoin.
In the 52-week time frame, DOGE’s highest trading price was $0.15893, while its lowest was $0.07018. The memecoin’s price has surged approximately 8.96% in a month and 9.32% in a year.
DOGE trading volume reflects a majority of buyers compared to sellers. If buyers succeed in overruling sellers in the upcoming sessions, the price might face the immediate resistance level of $0.07790, and if the momentum continues, the memecoin might trade at $0.08147.
Alternatively, if sellers’ activities surged in the upcoming sessions, then Dogecoin prices might face the immediate support level of $0.06963 and then the next support level of $0.06703.
Dogecoin vs Shiba Inu Prices
Shiba Inu (SHIB) is one of the most popular memecoins, and it lost over 1.40% in a week. It seems like it is following the declining phase of the crypto industry. At press time, SHIB was trading at $0.000007736 with a 24-hour trading volume of $114,625,328.
Despite a decline in SHIB prices, the trading volume in 24 hours surged over 95% and it is now ranked as the 29th most traded token in the market. The market capitalization of Shiba Inu is $4,559,154,866, which makes it the 18th largest coin in terms of market capitalization.
At the beginning of June 2023, Shiba Inu’s price dropped below the crucial support of $0.00000800, which triggered a panicked sell-off. The sellers failed to provide follow-through momentum, and the downfall stopped near $0.00000600.
Shiba Inu’s price performed well at the beginning of 2023. Gradually, the token declined, mirroring the declining trend of the crypto market at present. The memecoin’s fall has disappointed the expectations of long-term investors.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
