Dogecoin’s (DOGE) price has fallen 9% over the past two days, slipping back to $0.19 after briefly spiking above $0.20.
Despite DOGE’s cooldown, investor interest in newly-launched projects remains red-hot – with Dogeverse (DOGEVERSE) raising over $800,000 in the first 48 hours of its ICO.
Dogecoin Pulls Back as Buying Frenzy Fizzles Out
Over the past few days, DOGE has experienced a sharp sell-off as bullish momentum faded.
The selloff appears to be primarily technical in nature – DOGE spiked through $0.20 resistance on the 4-hour chart only to be immediately rejected.
It seems that retail investors were hunting for gains and likely got stopped out en masse.
However, over $2 billion worth of spot volume was traded on major exchanges yesterday, showing the intense two-way flows as the bulls and bears battled it out.
Now, Dogecoin is testing critical technical support in the form of its 20-day exponential moving average (EMA) on the daily chart.
A decisive break below that level could trigger a much deeper pullback in the latter half of the week.
On the other hand, if DOGE bounces from this EMA, it could fuel another attempt by buyers to challenge the $0.20 resistance.
Meme Coin Mania Cools as Investors Take Profits
While Dogecoin’s pullback has captured headlines, the selloff has been far broader across the entire meme coin universe.
After a rally to kick off the week, the retail crowd has taken profits and headed for the exits.
From Shiba Inu to dogwifhat to Pepe, almost every joke crypto has taken a hit in the past 48 hours.
SHIB and PEPE are both down 6%, while WIF has plunged almost 12%.
Even MEW, which had been performing exceptionally well last week, has experienced a 10% decline.
The only major meme coin that’s managed to stay in the green is BRETT on the Base blockchain.
While its 1% gain is relatively tame compared to the explosive pumps seen previously, any positive price action is noteworthy, given the dismal performance elsewhere.
However, the profit-taking hasn’t been contained in the meme coin space.
Even Bitcoin has slipped 6% since Monday as some of the bullish sentiment appears to be wearing off.
Whether this meme coin downturn proves to be a bout of profit-taking, or the start of a deeper pullback, remains to be seen.
Dogeverse ICO Defies Meme Coin Downturn & Raises $880k
While the meme coin market takes a breather, one project defying the negativity is Dogeverse and its wildly successful ICO.
Despite the bearish price action, investors have been snagging DOGEVERSE tokens at an impressive rate.
In just 48 hours since launching its token presale this week, Dogeverse has already raised a whopping $880,000 from buyers looking to get in on the ground floor.
And demand shows no signs of slowing, with DOGEVERSE tokens still being offered for the rate of just $0.000291 each.
But what’s fueling this enthusiasm even as the rest of the meme coin space cools off?
It likely comes down to Dogeverse’s multi-chain approach and stellar tokenomics, which have resonated with the retail crowd.
By using bridging tech to enable DOGEVERSE to exist on Ethereum, BNB, Solana, Polygon, Avalanche, and Base, this project has tapped into the “chain-agnostic” interoperability that gets crypto traders buzzing.
Combine that with its estimated staking rewards of 1,463% per year, and it’s easy to see why Dogeverse’s ICO has attracted so much attention.
The growth of Dogeverse’s social media channels also showcases the project’s traction.
In under three days, the project’s Twitter has received hundreds of new followers, while its Telegram group continues onboarding new members seeking more info on the development team’s ambitions.
With hype growing by the day, Dogeverse looks set to defy the bearishness and continue its ICO run.
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