The famous dog token, Dogecoin, is an integral part of the crypto universe and has long unleashed the 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, no more impressive increases as he had done before.
Fortunately for investors, new projects flow in and the hype continues its course. Memecoins like $PEPE or Wojack have shown us all the potential available around these humorous tokens. Here is our analysis on DOGE.
Dogecoin (DOGE): a mixed report on the popular crypto dog
DOGE seems to have become entangled in a downward cycle from which it seems difficult to get out. The most alarming observation is at the level of its price that 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 as of May 31 against 19,240 transactions on May 1. This still represents a difference of 8,200%, which absolutely did not translate into a rise in Dogecoin. But then, what happened?
Dogecoin is in trouble. Blame the whales?
A high transaction rate does not automatically translate into an increase in the price of the token. And this is due to the fact that, what matters most is the amount of tokens/cryptos that have been transferred not the number of transactions.
The volume of transactions can certainly be very large, but it may contain only small transactions from small investors. Whales (investors who own a large share of an asset) seem, on the other hand, have left the ship.
Between May 12 and May 31, the total number of transactions from whales increased from 1,930 to 854according to the website IntoTheBlock. This largely explains DOGE’s slow but steady decline.
As for the high number of transactions on the Dogecoin network, this was a marker of thesubstantial DRC-20 ordinal transaction activitywhich have little impact on the price of the asset and provide 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 located at $0.06but it will probably be difficult to go below.
At this level, remains a wall composed of 326,000 addresses which could even start DOGE rising again as soon as $0.065 is reached. Nothing seems lost for DOGE therefore, but we will have to wait a bit.
Let’s not be too optimistic though, some experts believe the support level may not hold if the whales keep dropping the token.
The Wall Street Memes corner ($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 brings together a active community of over 400,000 subscribers on social media!
This is a memecoin that has no pretense of utilitybut who intends to surf on the hype generated around a fun and innovative concept.
The project s’inspire des concepts des Golden Boys having made a fortune in large investment banks and ready to do anything to earn money. It also covers famous Web2 memes such as the “Swole Doge”, “Troll’s Faces” and other such jokes.
While Dogecoin is struggling to attract interest from large investors, this seems not to be the case for $WSM which has already collected 2.7 million dollars on its presale!
If you are interested, the token is currently priced at $0.0265, but the phases are reaching fast. You will have to hurry if you want to take advantage of the best price.
Crypto-assets are a risky investment.
You like find the best pre-sales of the moment ? Find our dedicated page on ICO cryptos which could explode in 2023!
On the same subject :
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.