• Dogecoin price is abnormally strong this week, with investors pushing aggressively for gains above $0.1.
• Investors appear to be focusing on low-price tokens, particularly meme coins in spite of the massive declines suffered in 2022.
• Dogecoin and Shiba Inu remain the kings of the meme coin movement, but recently investors paid homage to Solana-based BONK Inu (BONK).
Dogecoin has been making headlines all across the cryptocurrency world this week, as the coin has seen an unprecedented surge in value. Investors are pushing for the price to break through the $0.10 barrier, which is just a few cents away. This renewed interest has been attributed to the so-called “meme coin” movement, which has seen a huge number of low-priced tokens gain traction with investors.
Dogecoin was one of the first meme coins to gain attention when Elon Musk tweeted in 2021 that it was his favorite cryptocurrency. The Dogecoin price has since skyrocketed, with the coin currently trading at $0.0814. Dogecoin and Shiba Inu remain the kings of the meme coin movement, but recently investors have been paying homage to the Solana-based BONK Inu (BONK).
The launch of BONK in December of last year gave a much-needed boost to the price of Solana, which had been struggling to gain traction. The token surged from under $10.00 to highs of $24.00, with analysts predicting a move up to $40.00 in the coming weeks. This has sparked renewed interest in the low-priced tokens, as investors look for the next major break out coin.
Dogecoin has been a beneficiary of this increased interest, with the coin’s price surging to levels not seen since its all-time high. Analysts believe that the coin could break through the $0.10 barrier if the current momentum is sustained. This could lead to a major rally, as investors look to capitalize on the coin’s strong fundamentals.
The Dogecoin community has also been playing a role in the coin’s surge, with the popular Reddit page dedicated to the currency gaining more than 1.2 million members. This has helped to spread the word about the coin and its potential, as more and more people learn about its benefits.
The future of Dogecoin looks bright, as the coin continues to make gains in the market. With its strong fundamentals, and ever-growing community, the coin is well-positioned to take advantage of the current bull market and break through the $0.10 barrier. If it does, it could be the beginning of a major rally for Dogecoin, with the coin potentially soaring to new heights.