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The end of May promises to be very interesting for the meme coin market, with tokens growing significantly and others preparing to be launched. Better to keep your eyes wide open!
The meme coin craze returned with a vengeance after that Dogecoin registered an increase of 8% in the last 24 hours and that also other cryptocurrencies, such as Shiba Inu And Pepperare flying, as trading volumes increase.
In addition to all this, there is also a project that is exciting traders viz Dogeversewhich is preparing for its long-awaited launch on exchanges.
DOGE is up sharply by 8% and surpasses key technical levels
What a day for Dogecoin investors! $DOGE hovers around at $0.163, a value that represents an increase of 8% in the last 24 hours. This rally brought the token to its highest price since May 6.
The strong surge in the meme coin appears to have been caused by a bounce from the $0.148 support level that had been held during the past week.
$DOGE has now risen to challenge the major resistance zone around $0.165 that has held the price down since mid-April. With today’s move, the meme coin also broke above the 50-day exponential moving average (EMA) on the daily chart, a key technical hurdle.
Cryptocurrency momentum is also not just limited to charts. THE spot trading volumes they jumped 124% to $1.9 billion, making $DOGE the 10th most traded cryptocurrency in the world over the past day.
Whether the token will manage to break out of nearby resistance remains to be seen but, in any case, the bullish momentum is clearly in its favor.
Hopes for an Ethereum spot ETF fuel optimism
It is not just Dogecoin that is increasing but the entire meme coin sector is achieving positive results. In the last 24 hours, the total market capitalization rose 8% to $57.8 billion.
Even more impressively, spot trading volumes surged 98% to $9.1 billion as traders flocked to the market.
Going into detail about some meme coins, SHIB rose by around 6%, while PEPE is up 17%. Both, however, were eclipsed by both BONK, which jumped over 20%, and MOG, which exploded with a 45% increase.
This optimism appears to be fueled by growing conviction that the SEC will approve an ETH spot ETF this week which could potentially attract large institutional investments.
Even if an ETH spot ETF it would not directly affect meme coins, the positive sentiment is however spreading throughout the cryptocurrency market, increasing prices in general.
Anticipation builds for Dogeverse IEO as early investors eye the potential breakout
Discover Dogeverse
Another important catalyst fueling meme coin optimism is Dogeverse’s upcoming IEO (Initial Exchange Offering)..
For those who don’t know, Dogeverse is a multi-chain meme coin that spans blockchains such as Ethereum, Solana, and Base. Thanks to bridging technology, users will be able to exchange and transfer $DOGEVERSE tokens to six different blockchains.
Let’s take an example to clarify better. An investor can purchase $DOGEVERSE on Ethereum during the pre-sale phase. Later, after the token’s official launch, they could bridge tokens to Solana and take advantage of the network’s low fees and growing DeFi ecosystem.
This multi-chain capability, by the way, is just one of the strong points by Dogeverse. The real excitement lies in its imminent launch on exchanges, which members of the project’s Telegram channel believe will act as a springboard to bring widespread awareness to the token.
History has shown that successful IEOs can lead to sharp price increases. For a meme coin like Dogeverse, that kind of speculation-fueled momentum could be the key to establishing itself as the market’s next breakout star.
In short, between the optimism that hovers around the meme coin market and the highly anticipated launch of Dogeverse, a very exciting end of May awaits investors.
Go to the Dogeverse presale
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