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Dogecoin is also pumping – are meme coins exploding again?

 


After a sharp rise in the price of the Shiba Inu, the Dogecoin is now pumping again. The fun currency is up a whopping 15% today. Could another massive meme coin rally be imminent and are these signs of a trend reversal towards the bull market?


Dogecoin up 15% in 24 hours

If we look at the price movements of the top 20 cryptocurrencies, we can see the extremely good performance of the Dogecoin. The “dog token” has increased by a whopping 15% in the last 24 hours. The 7-day increase is as much as 22%, which is the second largest increase in the top 20 according to the near log.


In the past few days, the Shiba Inu token had already pumped powerfully and showed that the year 2021 was not a flash in the pan. 


Meme coins very successful - will there be renewed price explosions?

The strong performance of the meme coins in this rather difficult market situation after the big Bitcoin crash shows how reliably the fun currencies can always post high price gains. Meme coins are extremely volatile and also tend to lose value quickly. However, investors who got in early made good returns last year. 


Now there are hopes that we can see massive price gains again like in the autumn, when Dogecoin and Shiba Inu each experienced highs. The overall market situation is rather bearish, which makes the good performance of DOGE and SHIBA even more impressive.


Meme coins successful - bullish sign?

Are Meme Coin's Big Gains a Sign of a Eventual Crypto Market Trend Reversal? Normally, these coins always perform extremely well in bull markets. On the other hand, they fall extremely sharply in bear markets. The interest in buying meme coins shows that small investors in particular continue to believe in a future bullish market.



In contrast, the large institutional investors and Bitcoin whales play along with Bitcoin again and again. Again and again there was criticism that large Bitcoin addresses would drive the Bitcoin price down through sales in order to then accumulate at a cheap price. A bull market in the coming weeks still seems a possibility. 

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