Dogecoin has been uncharacteristically tranquil for a month now. Even as one of the biggest meme coin mania took over the market, DOGE was unswerving.
But the lukewarm period is possibly coming to an end, reveals a technical analysis of the coin based on Bollinger Bandwidth. What has got traders more excited than a strong price action of DOGE is how it will affect meme coins with larger room for an explosion.
Can it ignite a new wave of meme coin revolution, drawing in capital from traditional investors? Or, will it remain a fleeting sensation and pave the way for a downfall with dire consequences? Here is an analysis.
Calm Before the Storm
Bollinger Bandwidth indicates that Dogecoin’s period of unusual calm will end soon with a pronounced move. The volatility can take either direction in the coming days.
The indicator, a derivative of the popular Bollinger Bands, is a reliable tool for predicting volatility and price movements of crypto and stock assets. While falling Bollinger Bandwidth translates to decreasing volatility, rising Bandwidth reflects increasing volatility.
Source: Tradingview/Coindesk
If the bandwidth is unusually wide, it hints at the ongoing bullish or bearish trend coming to a close. And an atypically low bandwidth hints that the market is about to initiate a strong price action in either direction.
When it comes to Dogecoin, the bands are tightening with the bandwidth at 0.06. Interestingly, it hasn’t been that low since February 2019. It can be interpreted as a DOGE explosion in the pipeline with the bandwidth forced to expand in the coming days, kindling a volatile price action. But the Bollinger Bandwidth tells us little about the direction of the volatility. It can be bearish or bullish.
At the time of this writing, DOGE is selling for $0.07234, 90.19% down from its all-time high. The market cap hasn’t changed much in a month, staying strong at $10B.
Unyielding DOGE: A Sign of Strength or Saturation?
While the impending volatility is exciting, traders are wondering whether it will be a surge or a crash. It needs an analysis of the price action of the meme coin over the last few weeks.
If the stable period is a strong resistance toward the bear market waves, the coin is awaiting a bull run in the coming days. The upward momentum can take it 25%-40% up the charts. Both long-term holders and traders can take advantage of the price action with strategic entry. It might also be a good idea to hoard the token ahead of the rally.
Dogecoin 1-month price overview, 31 May 2023, CoinMarketCap
But that may not necessarily be the case. Although the broader market was knee-deep in the bearish waves, the meme coin market has been performing remarkably well since the second half of April. The 5000%+ explosion ignited by Pepe spread across the meme coin market within a few days. Soon, investors were reaping triple-digit returns from dozens of new meme coins.
Why was the mania confined to new assets? A possible answer is that established meme coins have lost their steam. Way past their prime, they may be awaiting a cascade of sell-offs in the coming months.
New Meme Coins Will Cash in on the DOGE Volatility
Regardless of the direction Dogecoin takes, one thing is certain. Investors are welcoming new meme coins to the market, anticipating huge gains. The grand reception of new entrants like Pepe, Wall Street Memes, and AiDoge are good examples.
While Pepe is down to a market cap of $495M after an initial run to $1.6B, Wall Street Memes is still in the presale stage. According to industry analysts, it is next in line to kindle a four-digit explosion, bringing generational wealth to early investors and degens. AiDoge, although less volatile, will reward investors earlier with the token launch and initial exchange listings scheduled for the coming weeks.
The predictions are substantiated by the overwhelming traffic to the presales of Wall Street Memes and AiDoge Tokens. Wall Street Memes presale crossed the $1M milestone within three days of going live and the momentum is rapidly growing. It is on its way to the $2M milestone on the 5th day. AiDoge, on the other hand, has already sold out, becoming one of the fastest presales of this year. It raised a total of $14.9M.
Investors Await 7000% Gains for Wall Street Memes Token
Wall Street Memes is one of the most trending cryptocurrencies now. It is an extension of the Wall Street Memes Movement, which has over 1M followers across different social media platforms.
The community is known for posting quirky and relevant posts based on Wall Street, investments, and capitalism in general. It has fans among a diverse range of audiences. This includes young investors and degens who have a liking for highly volatile assets like meme coins.
To give a better perspective, the community launched the iconic Wall St Bulls NFT collection, which sold out in 32 minutes in 2021. It is one of the fastest NFT sales ever.
Wall Street Memes Token ($WSM) is a meme coin dedicated to empowering the community to capitalize on its strength through a 100X explosion this year. With global networks that extend beyond the crypto market, Wall Street Memes is one of the key contenders for the top-3 meme coin position this year. According to industry experts, $WSM could be a game changer in the crypto landscape as it is rightly positioned to penetrate a large community of traditional investors.
For example, tech mogul Elon Musk has engaged with Wall Street Memes three times in the past. He is a long-time fan of meme coins and has a history of triggering some of the biggest bull runs in the market.
Literally
— Elon Musk (@elonmusk) March 18, 2023
However, the project doesn’t need his nods to win the market. It stands tall on its own. Even people who haven’t heard about the community must have come across its content. In other words, the project is stepping into a fertile audience.
$WSM tokens show the team’s appreciation for the community, tapping into the meme coin hype that has kindled 100X returns in hours. They have set aside 50% of the token supply for presale investors, promoting early-stage participation. The presale also comes with attractive discounts.
The other half of the total supply will be used for CEX/DEX liquidity and community rewards, laying the foundation for value retention and sustainable growth. The compelling giveaway contests and marketing campaigns ensure that the token price is healthy, even after the initial exchange listings.
The total supply of Wall Street Memes tokens is capped at 2B.
$WSM Presale Opens an Excellent Early Investment Opportunity
Presales often reflect the excitement around a project. It is a sign of strength and what the token is capable of on its exchange listings. The rapidly moving $WSM presale, on its way to crossing the $2M milestone at the time of this writing, hints at a 100X explosion for the token.
The overwhelming traffic to the presale could be explained by the attractive early discounts too, which allow investors to enter the project at a low price. The presale is divided into multiple stages. Each new stage will feature a small price increase from the earlier stage till the hard cap of $30,577,000 is reached.
Although the DEX listing is scheduled for the fourth quarter of 2023, the presale will sell out much earlier by the looks of it.
As part of the presale marketing campaigns and community-building initiatives, Wall Street Memes has launched an airdrop with $50,000 worth of $WSM up for grabs. It will be split among five lucky community members who have completed the simple tasks (like following the Wall Street Memes on social channels) mentioned on Gleam. (Check out the Wall Street Memes website for more details about the contest.)
Wall Street Memes is a potential candidate for the top-50 crypto chart this year.
AiDoge is Now Selling for Listing Price
If you missed out on the AiDoge presale, you can still buy the token at the listing price before its initial launch. Although it is higher than the presale price, it is an excellent deal to buy into the token before its first bull run.
At the heart of AiDoge’s success is its unique value propositions that reshape the meme coin landscape through gaming utility. It unlocks the crypto community’s strength to draw attention to its AI-based meme-generation platform. Here, you can mint new memes with the tap of a finger. You just need to enter the text prompt and the AI tool takes care of the rest, giving you ready-to-publish memes within minutes.
The tool taps into a large database, thus ensuring that the memes are time-relevant, funny, and insightful. While meme generation may sound like a silly use case, the project has a large potential user base, given that memes are an integral component of the Web 2.0 generation. Due to their wild popularity, they have grown to become a part of marketing strategies as well. Moreover, the meme coin mania has its roots in memes.
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👉 https://t.co/NRGMq33Fqq pic.twitter.com/6edBIUDp8o— aidogecrypto (@aidogecrypto) May 30, 2023
AiDoge is predicted to book anywhere from 800-1300% returns in the days that follow the initial exchange listing.
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