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Dogecoin (DOGE) Enters Top 5 Most Profitable Assets in Last 24 Hours

Sun, 08/14/2022 - 11:52
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Arman Shirinyan
Memecoins are on rise after market "bottoms out"
Dogecoin (DOGE) Enters Top 5 Most Profitable Assets in Last 24 Hours
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The biggest memecoin on the market, Dogecoin, entered the top five most profitable digital assets from the top 100 of CoinMarketCap following another token, Shiba Inu, that got ‌higher.

Breakout everyone waited for

As we have mentioned in U.Today's articles numerous times, both Shiba Inu and Dogecoin were on the verge of a breakout or at least a volatility spike in either direction as they have been showing an extremely anemic performance in the last 30 days of trading.

Dogecoin chart
Source: Dogecoin

On August 14, DOGE successfully broke through the symmetrical triangle that acted as a consolidation range for the coin that has not shown us a proper price performance in the last few months.

In mid- or long-term time frames, there are no resistances that might hold Dogecoin from moving further up unless the rally fades due to the lack of trading volume, which remains on a relatively low level compared to bull market values.

Dogecoin's biggest rival

With Shiba Inu dropping on the market, we saw a split in the memecoin industry, as some preferred the old classic and others chose the exposure to extremely volatile and risky SHIB tokens.

Here's How Crypto Twitter Reacts to Attack on Tornado Cash

Today, the volatility of the token dropped to an average level which exceeds Dogecoin's. In the last 24 hours, Shiba Inu gained more than 22% to its value, becoming one of the best performing assets on the cryptocurrency market.

The main question for investors now is, how long will this rally hold, as we are not yet seeing a spike in the trading volume or market inflows and a reversal is more than possible once the weekend trading session is over?

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.