Over the past 24 hours, the meme coin market witnessed a collective valuation spike of 4.42%, with a total market cap exceeding $24.128 billion, as reported by CoinMarketCap. Among the top meme coins, Dogecoin (DOGE) recorded a slight uptick of 0.51%, while its rival Shiba Inu (SHIB) experienced a 1.46% decline, settling at $0.000009907.
The standout performer among the top 10 meme coins was Bonk (BONK), a Solana-based altcoin that surged over 102% in a day and soared by 144.46% in a week, positioning it as the fourth-best performer in the weekly timeframe.
BONK’s robust performance, coupled with the growing buzz around SHIB’s ecosystem and its Shibarium layer-2 network, might compel DOGE to take significant action soon. If DOGE’s relatively weak fundamentals and price trends persist into the new year, its top position could be at risk, although it currently holds a comfortable lead in market cap.
As of the latest data, DOGE’s market cap stands at $17.723 billion, almost three times higher than SHIB’s valuation at $5.834 billion. Despite BONK’s impressive recent performance, it still has ground to cover to compete with SHIB and DOGE, with its current market cap at $1,809,808,138 according to CoinMarketCap.
Analyzing DOGE’s daily chart, a positive price channel has formed over the past three weeks, indicating potential bullish momentum if today’s trading can close within this channel. Such a move might prompt bullish activity, pushing DOGE to $0.10735 and potentially elevating this level to a support zone.
However, failure to maintain within the positive price channel could see DOGE dropping to $0.08965 in the short term, with a bearish scenario suggesting a further decline to $0.08270. Technical indicators like the MACD and RSI signal a waning buyer strength, hinting at a possible short-term bearish trend reversal for DOGE. The impending intersection of these indicators within the next 24 hours could solidify this outlook.
