Meme coin mania is back in full force after Dogecoin (DOGE) experienced an 8% price pump in the past 24 hours.
Other leading coins, such as Shiba Inu (SHIB) and Pepe (PEPE), are also soaring as trading volumes pick up.
However, one project that has traders particularly excited is Dogeverse (DOGEVERSE) – which is now preparing for its highly anticipated IEO.
DOGE Surges 8% & Breaks Key Technical Levels
What a day it has been for Dogecoin investors.
DOGE is hovering around $0.163, representing an 8% pump in the past 24 hours.
This rally has taken DOGE to its highest price since May 6.
The coin’s surge seems to have been caused by a bounce from the $0.148 support level that had been holding over the past week.
DOGE has now risen to challenge the major resistance zone around $0.165 which has kept a lid on price since mid-April.
With today’s move, DOGE has also pushed past the 50-day exponential moving average (EMA) on the daily chart – a key technical hurdle.
However, the coin’s momentum isn’t just confined to the charts.
Spot trading volumes have rocketed 124% to $1.9 billion, making DOGE the world’s 10th most traded crypto asset over the past day.
Whether DOGE can pass nearby resistance remains to be seen, but bullish momentum is clearly on its side.
Meme Coins Rally as Spot ETH ETF Hopes Fuel Optimism
It’s not just Dogecoin that has been pumping today – the entire meme coin sector is painted green.
Over the past 24 hours, the total market cap of meme coins has surged 8% to $57.8 billion.
More impressively, spot trading volumes are up 98% to $9.1 billion as traders pile into the market.
SHIB has climbed around 6%, while PEPE is up 17%.
They’ve both been outshined by BONK, which has rocketed over 20% since yesterday.
But the biggest meme coin winner has been MOG, which has exploded for a 45% gain.
This bullishness seems to be fueled by growing optimism that the SEC will approve a spot ETH ETF this week – potentially attracting billions in institutional investment.
While a spot ETH ETF wouldn’t directly impact meme coins, the positive sentiment is spreading throughout the crypto market, boosting prices across the board.
Hype Builds for Dogeverse IEO as Early Investors Eye Breakout Potential
Another major catalyst fueling meme coin optimism is the upcoming IEO for Dogeverse.
For those unaware, Dogeverse is a multi-chain meme coin spanning networks like Ethereum, Solana, and Base.
Thanks to bridging technology, users will be able to swap and transfer DOGEVERSE tokens across six different chains.
For example, an investor could purchase DOGEVERSE on Ethereum during the presale phase.
Then, after the token’s official launch, they could bridge their tokens to Solana and take advantage of the network’s low fees and growing DeFi ecosystem.
Interestingly, this multi-chain capability is just one of Dogeverse’s selling points.
The real excitement lies in its upcoming IEO, which members of the project’s Telegram channel believe will act as a springboard for bringing massive awareness to the token.
History has shown that successful IEOs can lead to price pumps as retail traders look to get in early.
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.
No wonder respected voices like Mike Williams and 99Bitcoins have been talking about Dogeverse lately.
All in all, between the meme coin market’s bullishness and Dogeverse’s highly-anticipated launch, it’s shaping up to be an exciting end of May for investors.
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