The famous dog token, Dogecoin, is integral to the crypto universe. It has long unleashed crowds of investors who saw it as a volatile asset that could explode in value. But DOGE has become, over time, a crypto that weighs on the market and which does not know, for the moment, any more impressive increase as it was able to do before.
Fortunately for investors, new projects flow in, and the hype continues. Memecoins like $PEPE or Wojack have shown us all the potential available around these humorous tokens. Here is our analysis of DOGE.
Dogecoin (DOGE): a mixed report on the popular crypto dog
DOGE seems to have become entangled in a bearish cycle from which it doesn't seem easy to extricate itself. The most alarming observation is at the level of its price, which continues to fall despite a significant peak in transactions. Since the beginning of May, it has lost nearly 10% of its value.
DOGE counted about 1.45 million transactions on May 31 against 19,240 transactions on May 1. This still represents a difference of 8,200%, which did not translate into a rise in Dogecoin price. But then, what happened?
Dogecoin is in trouble. Blame the whales?
A high transaction rate does not automatically translate into a token price increase. And this is explained by the fact that the number of tokens or crypto moved matters most rather than the number of transactions.
The volume of transactions can certainly be very large, but it may contain only small transactions from small investors. The whales (investors who own a large share of an asset) have jumped ship.
Between May 12 and May 31, the total number of transactions from whales rose from 1,930 to 854, according to the IntoTheBlock website. This largely explains DOGE's slow but steady decline.
The high number of transactions on the Dogecoin network was a marker of high DRC-20 ordinal transaction activity, which has only a small impact on the asset's price. And bring little economic value.
DOGE could come to test its support at $0.06
No glimmer of hope for our DOGE, which seems set to come and test its next level of support. It is at $0.06, but going below will undoubtedly be difficult.
At this level, there remains a wall made up of 326,000 addresses which could even start DOGE rising again as soon as $0.065 is reached. Therefore, nothing seems lost for DOGE, but we will have to wait a bit.
Let's stay optimistic; some experts believe the support level may not hold if the whales continue to drop the token.
The Wall Street Memes Corner ($WSM) is getting good press with the community.
Have you heard of the $WSM token? It is part of the Wall Street Memes project and already has an active community of more than 400,000 subscribers on social networks!
It is a memecoin with no pretensions of utility. Still, it intends to surf on the hype generated by a fun and innovative concept.
The Golden Boys, who found success at major investment banks and were willing to do anything to make money, served as an inspiration for the project with their ideas. It also covers famous Web2 memes such as the "Swole Doge", "Troll's Faces," and other such jokes.
Suppose Dogecoin needs help attracting interest from large investors. This is different for $WSM, which has already raised $2.7 million on its presale!
The token is now valued at $0.0265 if that interests you. However, the stages are approaching quickly. You must act quickly if you want to benefit from the best pricing.