Dogecoin has been on tear over last five days
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Bitcoin and Ethereum were up less than 1% in the last 24 hours, and some crypto assets were posting mild gains, while others lost up to 5%.A handful of meme coins, on the other hand, were thriving. Dogecoin led the way with a 10% increase, while Shiba Inu, Floki and MEW were all up almost 5%.shares insight behind this surge. In its recent tweet, Santiment noted that there was a major increase in meme coin discussions, as coins like Dogecoin and Bonk were surging.
📉 There was a major increase in memecoin discussions yesterday as coins like Dogecoin and Bonk were surging. Typically, markets correct when focus shifts away from layer 1's and toward more speculative assets due to greed. Today, unsurprisingly, market-wide dips are occurring.The increased discussion in the community around meme coins occurred as the market switched its focus away from layer-1 assets, or major cryptocurrencies, such as Bitcoin and Ethereum.
Dogecoin's rise has surpassed the daily SMA 200 at $0.1294, a level that has slowed DOGE's growth since April. Bulls' attempts to decisively breach this important level in May and July were met with bearish resistance.In the following days, the market will be looking for a decisive break above this level, which would signify the start of a new upswing. In this scenario, Dogecoin may rise to $0.14, then to $0.17, with a target price of $0.19.
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