In today's rapidly growing popularity of meme coins in the cryptocurrency market, a renowned crypto analyst suggests that Dogecoin's biggest rival is PepeCoin (PEPE). The analyst emphasizes that despite the overall market correction, PEPE has been hovering near its all-time high and is considered one of the leaders among altcoins. The strong performance of PEPE is notable as it continues to maintain its high range even while testing the resistance levels of other popular altcoins technically.
On the Dogecoin (DOGE) front, the analyst suggests that if the critical support level around $0.147 is retested, DOGE could potentially lose momentum. At the time of writing, DOGE is trading at $0.158. The analyst also presents a positive outlook for another meme coin, Bonk (BONK), stating that as long as BONK remains above the midpoint of its range at $0.000025, it will continue its upward trend.
The final meme coin listed in the analysis is dogwifhat (WIF). According to the analyst, WIF is currently trading at a point where a drop below $3 could invalidate a new uptrend. Presently, WIF is trading at $3.48.
This analysis reflects the increasing influence and popularity of meme coins in the cryptocurrency market. With strong support from social media and communities, meme coins are posing serious competition to other cryptocurrencies.