Despite its humble origins, Dogecoin ($DOGE) continues to defy expectations and is now on a consistent upward trajectory that has traders overwhelmingly bullish.
$DOGE’s surprise rise has prompted speculation about where price could go next – with many hoping it could return to the highs of April.
Moreover, traders are also speculating about the potential of other meme coins in the market, with Wall Street Memes ($WSM) and Chimpzee ($CHMPZ) being two that are rapidly gaining attention.
Technical Breakout Helps Fuel Excitement for $DOGE
$DOGE is now hovering around the $0.069 level, having been on a consistent uptrend since mid-June.
The $DOGE price has increased by 17% during that time frame, with investors now becoming increasingly optimistic that it could be the beginning of an extended bull run.
Currently, $DOGE is attempting to break through the vital resistance level at $0.070, which has held firm since June 6.
If this level could be broken, there’s a clear path to the upside – a fact that’s fuelling the growing excitement of Dogecoin enthusiasts.
Further adding to the excitement is that $DOGE has just breached the 50-day Exponential Moving Average (EMA) to the upside on the daily time frame.
Traders often view this as a bullish signal, indicating that the medium-term trend is positive.
CoinMarketCap data also reveals that the total $DOGE trading volume is up 48% in the past 24 hours – adding another layer to investor optimism.
This optimism has filtered through to the analyst community. Leading crypto analyst Kaleo, who boasts nearly 600,000 Twitter followers, tweeted that he expects a $DOGE acceleration in the coming weeks – potentially up to $0.072.
In addition, well-known trader David Gokhshtein revealed that he might need to “stack up” more $DOGE – highlighting his bullish stance on the coin.
These positive endorsements have further bolstered market sentiment, fuelling speculation about a long-term $DOGE rise.
Crypto Market Momentum Helps Dogecoin Rise
Interestingly, there doesn’t appear to be a specific catalyst for Dogecoin’s current bullishness.
However, it’s worth noting that the recent news regarding BlackRock’s second spot Bitcoin Exchange-Traded Fund (ETF) application has created a buzz in the crypto market – indirectly impacting the sentiment toward Dogecoin.
BlackRock’s decision to refile for a Bitcoin ETF hints at a growing acceptance of cryptocurrencies from traditional financial institutions, further validating their long-term potential.
Additionally, the overall bullishness of the crypto market has played a role in the optimism around $DOGE.
Bitcoin ($BTC), the world’s largest cryptocurrency, has experienced significant price appreciation in the past few weeks and is now up 85% YTD.
As such, $BTC is serving as a driving force for smaller coins – including Dogecoin.
The convergence of these factors has undoubtedly contributed to the growing excitement around the meme-based cryptocurrency, hinting that $DOGE enthusiasts could be in for a productive second half of 2023.
Which Meme Coins Could Also Experience a Price Pump?
As the enthusiasm around Dogecoin grows, investors are exploring other candidates for price pumps.
Two notable examples that have garnered attention are Wall Street Memes ($WSM) and Chimpzee ($CHMPZ), both of which have gained support within the meme coin niche.
Wall Street Memes Fosters Huge Community Spirit & Raises $12.5m
Wall Street Memes ($WSM) launched its presale phase just over one month ago and has already breached the $12.5m milestone, highlighting the traction it’s gaining in the crypto community.
With a focus on connecting a sprawling network of over 1.1 million “degens,” Wall Street Memes aims to add more value than most of the other low-cap coins entering the market each week.
A significant reason for the community’s enormous size traces back to the “Wall St Bulls” NFT collection introduced by the team in 2021.
The collection’s near-instant sell-out showcased the appeal of the Wall Street Memes brand, which has remained to this day.
Adding more credibility to the project, big names like Elon Musk have also interacted with Wall Street Memes’ socials, which elevates the brand even more.
Now, the community is looking ahead to Tier-1 CEX listings, which could catalyze explosive growth.
These listings are planned for once the presale concludes, although interested investors can still purchase $WSM tokens for $0.031.
As such, those who take advantage of this unique offer stand a chance to capitalize on substantial gains potential as Wall Street Memes continues to solidify its position in the meme coin space.
Crypto-Ecological Hybrid Chimpzee Offers Lucrative Investor Incentives
Chimpzee ($CHMPZ) is another new project that has caught the attention of both crypto investors and environmental enthusiasts.
Chimpzee aims to bridge the gap between digital finance and ecological conservation, thereby addressing critical global issues.
The project’s native token, $CHMPZ, will fuel this mission – with 10% of the total token supply and a portion of the project’s profits being donated to wildlife conservation charities.
This underscores the project’s commitment to environmental sustainability and adds an innovative twist that hasn’t been seen before in the crypto space.
Per the Chimpzee whitepaper, the project will also offer various ways for community members to earn $CHMPZ tokens.
These include Shop-to-Earn, Trade-to-Earn, and Play-to-Earn mechanisms, which boost user rewards and align with the project’s eco-friendly mission.
In addition, the Chimpzee ecosystem will contain an array of engaging features, such as an NFT marketplace and a branded store, to help boost functionality.
Chimpzee’s ecosystem will even offer a Zero Tolerance Game, where users can earn additional $CHMPZ tokens and access premium prizes.
With Chimpzee’s presale having raised over $680,000, investors have a limited window to buy $CHMPZ tokens for just $0.00067 – with a bonus of up to 300% on offer for early adopters.
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