Dogecoin Growth Stalls as Traders Switch Attention to New Dogeverse Meme Coin ICO
The meme coin market’s “top dog,” Dogecoin, has tripped today as its price retraces 1.5%.
However, several new meme coins are looking bullish, with the emerging Dogeverse presale gathering pace having raised over $12m.
Traders Lack Interest in DOGE as Price Stagnates
Amid a period of market chop this month, bears have dominated the Dogecoin market, causing its price to slump.
Currently, Dogecoin is trading at $0.138, down 1.5% today, 12.5% this week, and 33% this month.
It has suffered much more than the market average, with Bitcoin and Ethereum down 11% and 12%, respectively, this month. Meanwhile, the number three meme coin Pepe is down just 7% in the same period.
Dogecoin’s market cap is $373 million, and its 24-hour trading volume is $982 million.
However, turmoil has struck the crypto market in recent hours, and mass long liquidations have made matters worse for Dogecoin bulls. According to Coinglass data, over 1.7 million leveraged longs have been wiped out over the past hour, compared to just $5K in shorts.
But despite the recent lackluster performance, analysts remain forward-looking and optimistic about Dogecoin. This is mainly due to the crypto broader market’s bullish outlook, with the four-yearly Bitcoin halving historically always triggering parabolic altcoin rallies.
Prominent commentator Ali Martinez referenced Dogecoin’s historical price data, forecasting another explosive upswing is on the horizon.
“Dogecoin is showing its classic pattern once again! DOGE is currently consolidating after breaking out from a descending triangle. Based on past trends, we might see DOGE rocket towards $1 in the coming weeks,” he wrote on X recently.
Meanwhile, JayDee hailed Dogecoin as having “One of the most beautiful chart structures around.”
The analyst illustrated that Dogecoin’s recent pullback marks a retest into a previous resistance level, flipping it to support and laying the way for a higher-time-frame uptrend continuation.
That said, analyst The CryptoBull underscored the potential for other meme coins to outperform the market leader in the coming months.
“Holding solid Dogecoin betas should not be underestimated. Probability-wise, they are going higher for longer,” he wrote.
One of the most promising Dogecoin alternatives is the newly launched Dogeverse, the first-ever multichain Doge-themed cryptocurrency.
Could Dogeverse Outpace Dogecoin After Raising $12M at Presale
Unleashing the next generation of memetic innovation, Dogeverse is launching across the six leading smart contract-enabled blockchains.
Its epic adventure has begun on Ethereum, BSC, Base, Polygon, and Avalanche and will soon launch on Solana.
This approach has never been taken before and could spell resounding potential for the compelling Dogecoin alternative.
Its multichain outlook also provides technical superiority, ensuring widespread adoption and offsetting the typical volatility associated with meme coins.
Analysts are overwhelmingly bullish on the new token, with Roshawn Silva recently saying, “Dogeverse can 100x and will go to the moon.”
Adding to the excitement, the project has established a staking layer to launch in unison with the presale.
Dogeverse holders can begin staking and compounding their investments immediately. Currently, they can garner an 89% APY, but this will decrease as the staking pool grows.
Early adopters are further incentivized by Dogevere’s multi-tiered presale pricing system, which incrementally increases as the campaign advances.
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