In response to reports of potential SEC delays on Bitcoin ETF applications, the broader cryptocurrency market has reacted unfavorably. For instance, Dogecoin, fondly known as the meme token, has reportedly declined by 5% in the last 24 hours and 7% in the last week, ranking at $0.070500. While it hasn’t shown booming growth like its peers such as Bitcoin, Ethereum, and XRP, it is speculated that being underperformed gives it an unexpected advantage when the market rallies.
Interestingly, some believe that Dogecoin’s subdued growth could prepare it for a significant surge, particularly given murmurs of cryptocurrency payments coming to Twitter. Such a development would mark a turning point for Dogecoin whose current value appears trapped in a perennial stall. Still, Dogecoin is far from being alone in this slump, the entire crypto market echo sings a similar rhythm owing to the SEC’s potential postponement.
Dogecoin recently dropped through its previous support level, symbolizing the loss of its defense line, and hinting at a few more potential drops until recovery kicks in. Factors contributing to this predicament are varying, but it’s hard to ignore the absence of substantial updates or launches for the token, which leaves its future hinged on the slim chance of Twitter introducing cryptocurrency payments, thanks to Elon Musk‘s backing.
In the circles of meme tokens, a new entry; Wall Street Memes, an ERC-20 cryptocurrency, has reportedly garnered notable attention with a promising community of over 260,000 Twitter followers and more than $24 million raised since its presale in June. It’s arguably an attractive prospect for quick gains for traders in this momentary hibernation for the more established alternatives such as Dogecoin.
While the unpredictability of the crypto market stands as a fascinating frenzy, the uncertainty of it calls for critical caution. The whispers about Twitter integration, SEC’s perceived stand on Bitcoin ETF applications, and the sudden fall in crypto token prices leave investors in a curious spot. However, the promise of investments such as Wall Street Memes gives investors something to look out for. As always, the reins are in the preparedness and risk management approach of the investor.
Source: Cryptonews
