The price of Dogecoin (DOGE) has experienced a 2.5% decline in the past 24 hours, resulting in its value falling to $0.072517 while the entire market suffers similar drawbacks today. The popular meme token has stumbled in recent times, with a week-over-week drop of 8% and a 30-day decline of around 11%. Despite this, DOGE has managed to achieve a 3% increase since the beginning of the year.
Contrastingly, some fresh meme tokens have been achieving monumental successes in the past few weeks. One such newcomer is SpongeBob (SPONGE), gaining a staggering 9,000% boost after initiating several exchange listings since the month’s start. With more potential listings on the horizon, SPONGE could continue seeing tremendous growth in the near future.
Unfortunately, DOGE’s chart does not look optimistic. Its relative strength index has plunged close to 30 from 50 within a matter of days, and the 30-day moving average dipped below the 200-day average. Added stress stems from the continued lowering of DOGE’s support level, which fell through the critical $0.075 mark yesterday, potentially signaling further losses. Nevertheless, DOGE’s 24-hour trading volume has risen to $600 million, mainly due to the volume of sell-offs taking place. Given these factors, DOGE could fall to around $0.070 soon, making it oversold and paving the way for a possible rebound.
A major issue for Dogecoin is its heavy dependence on Elon Musk for gaining traction. With the billionaire staying less vocal about the cryptocurrency world, DOGE has become less popular as a result. The Dogecoin community remains hopeful that Twitter will introduce cryptocurrency and DOGE payments in some capacity, although this could still be a long way off.
In the world of meme tokens, replacements are always readily available. Pepe Coin (PEPE) took center stage recently but has now passed the baton to SpongeBob (SPONGE). Thanks to some clever marketing and a memorable cartoon character brand, SPONGE has piqued the interest of traders and investors who now view it as the new exciting meme token.
While SPONGE’s price experienced a slight dip from its all-time high, upcoming exchange listings may present further growth opportunities in the short term. Monitoring SPONGE’s progress closely could be a wise move, as securing a listing from one of the industry giants, such as Binance, could catapult its value to unprecedented heights.
Source: Cryptonews
