Dogecoin Pumps 10% And That Makes This New Meme Coin Gaming Platform More Valuable
DOGE, the native token of the dog meme-inspired Dogecoin blockchain, has been pumping in tandem with a broader move higher in cryptocurrency markets in the last few days. Traders have been bidding up crypto prices in the hope that a weakening US economic outlook in the wake of last week’s soft US ISM surveys prevents the Fed from being too aggressive with rate hikes this year.
The largest meme coin by market capitalization was last changing hands around 1.7% higher in the last 24 hours and around 6.4% higher in the last seven days, according to CoinMarketCap. At current levels around $0.076, DOGE is over 15% higher versus the lows it hit just before the turn of the year around $0.066 and is back to the north of its 200-Day Moving Average.
Some traders think that a break back above $0.08 and a push above the 100 and 50DMAs in the low-$0.08s per token is on the cards, which could open the door to a test of early December highs above $0.11. Dogecoin’s rally is being felt positively across most of the meme coin sector of cryptocurrency markets, with Shiba Inu also up around 10% in the last seven days.
However, Dogecoin’s latest pump has yet to lift Tamadoge (TAMA), an up-and-coming dog meme-inspired token that is set to provide much more utility to its owners than the likes of Dogecoin or Shiba Inu. For now, TAMA continues to move to the downside according to a technical downtrend that has been in play since mid-October, with the 21DMA also having recently provided resistance.
TAMA’s poor performance despite the broader meme coin rally has confused some investors. A higher valuation for cryptocurrencies such as Dogecoin and Shiba Inu suggests that cryptocurrency investors are becoming more inclined to invest in speculative meme
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