- Dogecoin and other traditional meme coins have dropped recently.
- The volume of new meme coins like Pepe, Keke, and Ben has risen.
Dogecoin and Dogelon Mars prices have pulled back in the past few weeks even as the meme coin season continues. ELON price droppped to a low of $0000002 on Wednesday, the lowest level since June 2022 while Dogecoin fell to $0.075. Other traditional meme coins like Shiba Inu, Tamadoge, and Safemoon have also lost traction among investors.
Meme coins volume jumps
Meme coins have gained traction in the past few weeks as investors rushed to buy newly minted tokens. As I wrote in this article on Tuesday, meme tokens like Pepe, Ben, Mrs Pepe, and Keke have jumped by more than 100% in the past few days.
On the other hand, traditional meme tokens like Dogelon Mars, Dogecoin, and Shiba Inu have lost traction. This situation is also being seen in volume data. According to CoinMarketCap, the volume of Pepe traded in the past 24 hours came in at over $508 million. This is notable since the token has a total market cap of over $766 million.
Read more: How to buy Dogecoin.
The same is true for Ben, which is a relatively new meme coin. Its total volume in the past 24 hours came in at over $79 milluion. Keke, a token with a market cap of over $7 million had volume of more than $1.1 million.
On the other hand, traditional tokens like Shiba Inu have seen their volume waver. The volume of Shiba Inu came in at over $120 million while Dogecoin had volume of $242 million.
Dogecoin has a market cap of more than $10 billion while Shiba Inu is valued at more than $5 billion. This means that the volume to market cap ratio is substantially lower. The same is true with Dogelon Mars, whose volume dropped to about $2.2 million in the past 24 hours.
Dogecoin price prediction
The daily chart shows that the Dogecoin price has been under intense pressure in the past few days. It has managed to move below the 25-day and 50-day exponential moving averages. At the same time, the Relative Strength Index (RSI) has moved below the neutral point of 50. The price is below the Ichimoku cloud and the key resistance point at $0.095, the highest point on April 18.
Therefore, DOGE price will likely continue falling as sellers target the next key support at $0.06. A move above the resistance point at $0.80 will invalidate the bearish view. I also suspect that the new meme coins like Keke, Pepe, and Ben will lose traction soon.
