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Recent market trends indicate that newer meme coins are stealing the spotlight from more established projects like Dogecoin (DOGE) and Shiba Inu (SHIB), as investors search for the next big thing in the meme coin space. One such meme coin which is still in its presale stage is Dogemiyagi (MIYAGI). Not only is Dogemiyagi gaining popularity because of its unique tokenomics, but also due to its potential to take over established altcoins.
Dogecoin’s Continuous Drop
Over the past 24 hours, Dogecoin (DOGE) has taken a hit of 2.5%, dropping to $0.072517 amidst a general market downturn. This follows a pattern of recent losses, with the meme coin down by 8% in the past week, 11% in the past month, and only up by 3% since the start of the year. DOGE’s 30-day moving average has slipped below its 200-day average, which could mean further declines to come.
Adding to the negative outlook is the continued decline of DOGE’s support level (green), which broke through the crucial $0.075 level yesterday, signalling more losses. While DOGE’s 24-hour trading volume has risen to $600 million, most of it comes from holders who are currently selling. Based on these factors, it’s likely that DOGE may drop to $0.070 soon, which could lead to overselling and a potential recovery.
The primary issue for Dogecoin is its dependence on Elon Musk for its gains, and recently, there has been little news from the Twitter CEO regarding his favourite cryptocurrency. The Dogecoin community is still confident that Twitter will eventually allow cryptocurrency payments, which could benefit DOGE, but this is likely to take a long time, and there is no assurance that DOGE will be given any preferential treatment over other cryptos.
SHIB has been particularly hard hit by the recent downturn in crypto prices since the weekend. It is now facing a potential test of its December 2020 lows at under $0.000008, and a “death cross” may be imminent as its 50-Day Moving Average is about to dip below the 200-Day Moving Average.
Despite its large market capitalization of around $5.2 billion as of Monday, SHIB’s potential for exponential growth is limited, as it lacks any significant utility and is considered a “joke” cryptocurrency. Serious cryptocurrencies like Bitcoin and Ethereum, which have real-world applications, are the only ones to have surpassed $500 billion in market capitalization.
Investors looking to make a big return on their meme coin investment are better off seeking low market cap gems, such as Dogemiyagi (MIYAGI).
The Dogemiyagi (MIYAGI) initiative is a massive project built on the Ethereum Blockchain, designed to be entirely community-driven, secure, and eco-friendly. After the token launch, the project will relinquish ownership and transform into a fully-fledged Decentralised Autonomous Organization (DAO). The $MIYAGI token is an ERC-20 token on the Ethereum blockchain, with a total supply of 96,192,515,112,011.00 and a circulating supply of 9,518,812,011.00, allowing the creation of a dynamic community that aligns with Mr. Dogemiyagi’s values and experiences.
Boasting a wide range of features, such as peer-to-peer crypto transactions, cross-border payments, Dogemiyagi NFT purchases, network governance, and more, the $MIYAGI token offers significant meme potential that sets it apart from other cryptocurrencies.
Dogemiyagi offers two services: the Killer Swap Machine and Dogemiyagi NFTs. The Killer Swap Machine, powered by Uniswap, is a simple-to-use decentralised exchange service that allows users to trade the MIYAGI token with various ERC-20 tokens and Ethereum effortlessly. This mechanism enables seamless and instantaneous token swaps without any disruptions. Users can easily get started with the Killer Swap Machine by connecting decentralised wallets like MetaMask.
The developers of Dogemiyagi are also working on a project to create a special NFT club that will offer members an immersive experience and access to exclusive benefits. The aim is to provide a space where members can explore the vibrant Dogemiyagi ecosystem, as well as indulge in martial arts, nostalgic childhood memories, enticing freebies, and a lively atmosphere. Purchasing a Dogemiyagi NFT will grant privileged access to a dedicated domain, where members will be able to enjoy a range of benefits that will continually expand and evolve over time.
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Disclaimer: This content is not a part of NFTgators’ editorial content and is not an investment advice. Do your due diligence before making any decision.