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Alejandro Arrieche
Alejandro Arrieche
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The price of Dogecoin (DOGE) is down 1.5% in the past 24 hours and is still trading below the $0.30 level as meme coins kept dropping this past week.
In the past 7 days, DOGE accumulated a 0.8% loss while the token is down 25.6% since the year started.
Despite this drop, the value of meme coins as a whole has managed to climb once again above the $70 billion mark as a handful of tokens like SPX6900 and AI16Z are posting gains so far this morning.
DOGE Losses Key Support but Shows Signs of Recovery
On Wednesday, the price of DOGE dipped below the $0.26 support area but managed to stay near that level throughout the rest of the week.
The token’s price action shows that this level has now turned into resistance while DOGE remains confined in a tight descending price channel that dates back to January 16.
Other tokens in the meme coin category also experienced a dramatic drop in the past week, with notable losers including Official Trump ($TRUMP) and dogwifhat (WIF), whose coins retreated by 9% and 11% during this period.
Dogecoin’s daily chart suggests that negative momentum is weakening, potentially setting the stage for a trend reversal.
The Relative Strength Index (RSI) is also approaching a crossover above the signal line—typically a bullish indicator that could mark the beginning of a DOGE recovery.
Currently, DOGE trades 46% below its December highs and 66% below its all-time high of $0.7376 from May 8, 2021. To reclaim its December level, the token would need an 85.2% surge in the coming weeks or months.
One factor weighing on meme coins has been the Federal Reserve’s neutral stance on interest rates. A weak jobs report last week briefly lifted sentiment, as it raised hopes of potential rate cuts, but the data remains inconclusive.
In the meantime, the approval of a Dogecoin (DOGE) ETF could serve as a key catalyst to reignite bullish momentum.
For investors seeking a more diversified approach, Meme Index ($MEMEX) offers a platform designed to simplify meme coin investing through structured index funds.
Meme Index Prepares to Launch the First Meme Coin Investing Platform
Since launching its presale in December, Meme Index ($MEMEX) has raised more than $3.5 million from investors eager to access a passive investing solution for meme coins.
Through four tailored investment vehicles—Titan, Moonshot, Midcap, and Meme Frenzy—Meme Index allows investors to gain exposure to this fast-growing sector without the hassle of picking individual tokens.
$MEMEX serves as the gateway to the platform, enabling holders to invest in their preferred index while also participating in governance decisions, including asset selection for each fund.
Currently priced at $0.0160352, early buyers have the opportunity to secure $MEMEX at a discount before its exchange listing.
To buy $MEMEX, head to the Meme Index website and connect your wallet (e.g. Best Wallet).
Either swap USDT, ETH, or BNB or use a bank card to complete the transaction.
