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- The meme coin market has seen a significant surge in the past 24 hours with leading meme assets Dogecoin (DOGE) and dogwifhat (WIF) logging double-digit price rallies.
- This rally was triggered by increased trading activity following a post by GameStop stock trader Keith Gill on his Roaring Kitty X account.
- While both DOGE and WIF have seen substantial growth, WIF appears to have a more straightforward path to a sustained rally.
Following a surge in trading activity, meme coins DOGE and WIF have seen significant growth. However, WIF seems to have a clearer path to sustained rally.
Surge in Meme Coin Market
The meme coin market has witnessed a significant increase in trading activity in the past 24 hours. This surge was triggered by a post from GameStop stock trader Keith Gill on his Roaring Kitty X account, his first since 2021. The post, featuring an image of a man focused on a controller, led to a surge in GameStop’s stock by over 100% in the following 24 hours. This rally in GameStop’s stock subsequently led to increased activity in the meme coin market. According to CoinMarketCap’s data, the trading volume in this market totaled $8 billion in the last 24 hours, marking a growth of over 170%. The sector’s market capitalization also increased by 10% during the same period.
DOGE and WIF: A Tale of Two Meme Coins
In the last 24 hours, leading meme assets Dogecoin (DOGE) and dogwifhat (WIF) have logged double-digit price rallies. While DOGE saw a 10% price rally, WIF’s value climbed by 11%. Despite this, the demand for DOGE needs to be sustained for the rally to continue. Key momentum indicators show that the market demand for DOGE is yet to exceed its distribution. On the other hand, WIF’s key momentum indicators rest above their respective center lines, signaling that the meme coin’s accumulation is beginning to gain momentum. WIF’s 11% gains in the past 24 hours have pushed its price above the 20-day simple moving average (SMA), signaling the beginning of a bullish trend in the short to medium term.
Conclusion
Both DOGE and WIF have seen significant growth in the past 24 hours, thanks to a surge in trading activity in the meme coin market. However, while DOGE’s rally requires sustained demand, WIF appears to have a clearer path to a sustained rally. With its key momentum indicators signaling a bullish trend, WIF could potentially see further growth in the coming days.
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