Leading meme coins dogwifhat (WIF) and Dogecoin (DOGE) have seen significant price surges in the past 24 hours. WIF is up over 11%, while DOGE has surged 7% as speculative buying returns to the meme coin space.
Not to be outdone is Dogeverse (DOGEVERSE), which breezed past the $1 million mark in its much-anticipated ICO phase yesterday.
dogwifhat Recovers After Bearish Start to the Week
dogwifhat is showing signs of life after a volatile start to the week.
After rejecting the $3.30 support level yesterday, WIF has surged past its 20-day exponential moving average (EMA) on the 4-hour chart, a bullish technical signal.
At its current price of $3.75, dogwifhat appears to have carved out a higher low on the daily timeframe.
This could mark a potential turnaround after two days of downward trading.
While a psychological barrier likely awaits at the $4.00 level, WIF’s momentum in the past 24 hours is undeniable.
As buyers have returned, spot volumes have also ticked up 10% to $610 million.
Interestingly, there doesn’t appear to have been a catalyst for WIF’s sharp turnaround.
Instead, the token’s surge is likely due to technical factors and a rise in speculative demand across the entire crypto market.
With Bitcoin also seeing a price spike in the past day, that positivity is spreading to WIF.
Dogecoin Surges as Anticipation Builds for Doge Day
Dogecoin itself is also catching a bid alongside dogwifhat. The OG meme coin is trading at $0.199 – a whisker below the psychologically significant $0.20 level. Like WIF, DOGE has climbed above its 20-day EMA on the 4-hour chart.
Additionally, the uptick in buying has spot volumes for DOGE spiking 41% over the past day to $2.7 billion.
That makes it the 7th most traded cryptocurrency globally at the moment.
Dogecoin’s sudden resurgence could be due to investors positioning ahead of the upcoming “Doge Day” on April 20 – an annual celebration of meme coin culture.
But it may also be interest building ahead of Bitcoin’s halving event later this month, which tends to generate excitement across the entire crypto market.
Whatever the reason, it’s clear the sector’s top tokens are back in fashion.
With dogwifhat and Dogecoin leading the charge, the latter half of April could be fruitful for meme coin investors.
Dogeverse Could Be Next Meme Coin Star After Blistering Start to ICO Phase
The uptick in meme coin demand seems to be benefiting smaller projects – including the newly launched Dogeverse token.
In its first few days, the ICO for the self-proclaimed “world’s first chain traveling Doge” has already raised over $1.6 million.
Part of Dogeverse’s appeal could be its ambitious goal of bridging the gap between meme coin lovers on various blockchains.
With support for Ethereum, BNB Chain, Polygon, Solana, Avalanche, and more, it aims to make it easier for investors already operating on different networks.
Dogeverse’s eye-catching “Cosmo the Doge” mascot – a dog that’s able to “hyperjump” between different blockchains – personifies this ambitious vision.
However, Dogeverse isn’t just another no-utility meme coin.
It has real substance baked in, with token holders able to stake their DOGEVERSE to earn passive rewards.
There are also roadmap plans for listings on major DEXs and CEXs, aggressive marketing, and mysterious “community initiatives.”
Underpinning these plans is a well-thought-out tokenomics model designed to build an engaged community.
Of the 200 billion token supply, 15% are earmarked for the ongoing ICO, and another 10% will be used for staking rewards.
A hefty 25% will be spent on marketing to boost DOGEVERSE’s visibility.
And the timing of Dogeverse’s launch may also be fortuitous.
With Doge Day now just over a week away, DOGEVERSE could benefit from the hype and FOMO of retail investors.
If Dogeverse can generate even a slice of the attention surrounding big names like WIF and DOGE, it could become the next big thing in the meme coin market.
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