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- Memecoin Journal - Week 2 2025
Memecoin Journal - Week 2 2025
Weekly update on all things Memecoins
TL;DR
DOGE is down
SHIB is down
MAGA Memecoin Soars Amid Trump Inauguration
Shiba Inu’s Rally Potential Amid Whale Activity
Doge Meme in U.S. Senate Sparks Reactions
Robinhood Wallet Dominates Dogecoin Holdings
Vitalik Buterin’s $1M Meme Coin Donation
Bitcoin Dominance Faces Challenge: Memecoins vs. Altcoins
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Dogecoin Price
Crypto is down this week, with DOGE being down 4.48% and SHIB down 6.71%:
Dogecoin (DOGE) Weekly Analysis
The cryptocurrency market has entered a turbulent phase, with Dogecoin among the hardest hit, experiencing a sharp 21% drop over the past two days. Broader economic concerns and volatile market conditions have contributed to this downturn, impacting major tokens like Bitcoin and Ethereum.
After starting the year positively, Dogecoin saw its price peak near $0.40 before plummeting to $0.314 as of Thursday. Bitcoin mirrored this decline, dropping from over $100,000 to lows of $91,250 within three days, signaling widespread bearish sentiment across the crypto ecosystem.
The downturn aligns with the release of mixed economic data, which tempered expectations for potential interest rate cuts. Federal Reserve statements about inflation control further fueled investor anxiety, prompting withdrawals of $569 million from Bitcoin ETFs and $159 million from Ethereum ETFs.
The sell-off underscores cautious investor behavior, with many liquidating positions to mitigate risk. This trend has heightened market instability, creating a challenging environment for traders navigating these fluctuations.
Outlook for Recovery
The path forward remains uncertain. While short-term volatility is expected, a long-term recovery could hinge on improved economic stability and investor confidence. Strategic risk management will be critical as the market seeks equilibrium.
As the cryptocurrency market navigates this turbulent period, the focus remains on whether Dogecoin and Bitcoin can rebound or if the downturn signals a sustained bearish trend.
is inevitable
— Elon Musk (@elonmusk)
3:53 PM • Nov 25, 2024
Financial News
MAGA memecoin surged by 42% in 24 hours, driven by anticipation surrounding Donald Trump’s inauguration and his pro-crypto stance. Whale investors own 52.4% of the token, highlighting significant interest. Trading at $3.58, MAGA’s market capitalization is $163 million, with $53 million in daily volume.
While the token has gained 124% in the past week, technical indicators show it must overcome key resistance levels to confirm a bullish breakout. A failure to break through could lead to a dip to $1.32, but strong whale support suggests potential for future growth.
SPX6900, a meme coin running on the Ethereum blockchain, has surpassed a $1.5 billion market cap for the first time on January 7, 2025. The token’s trading volume exceeded $95 million, reflecting growing investor interest. SPX6900 has seen bullish momentum, supported by favorable technical indicators like the MACD, which shows sustained buying pressure.
The token’s open interest in futures has surpassed $65 million, indicating increasing trader sentiment. With a rising number of holders and continued market enthusiasm, SPX6900 stands as one of the top-performing assets in early 2025, symbolizing the growing appeal of meme coins.
A whale recently sold 217 billion PEPE tokens worth $4.54 million, securing a $767k profit. Despite a 13.07% rise in PEPE’s value over the past week, this sale caused a 1.51% decline in the coin’s price, bringing it to $0.00002049.
The broader market sentiment remains bearish, with indicators like the Directional Movement Index (DMI) and Advance-Decline Ratio (ADR) signaling downward pressure. Short positions dominate the market, and the stock-to-flow ratio dropping to zero highlights oversupply. While a reversal could push PEPE to $0.000021, the current trend suggests further declines, possibly to $0.000019.
Shiba Inu (SHIB) has experienced a 14.5% price drop, but recent whale activity and strong investor participation indicate a potential rally. A whale transferred 8.18 trillion SHIB worth $195.1 million, coinciding with a broader market downturn. Despite the dip, large transaction volumes surged by 2004% in 24 hours, highlighting increased whale involvement.
Traders remain bullish, with 67.16% holding long positions. SHIB’s price is positioned above the 200 EMA, signaling potential for an 80% price increase to $0.00003939. The surge in trading volume by 80% shows growing market interest in SHIB’s recovery.
Dogecoin dropped 6% on January 8, reaching $0.3415, marking its lowest point in a week. This decline, alongside a surge in trading volume to $5.26 billion, led to significant liquidations, with $20 million liquidated on Tuesday and nearly $15 million on Wednesday.
Despite a positive weighted funding rate indicating reduced long position demand, some analysts suggest Dogecoin may bounce back, as it remains above key support levels, including the 38.2% Fibonacci retracement and moving averages. A rebound to $0.4830 is possible, representing a 43.5% rise, but a bearish scenario could bring it down to $0.2630.
Adoption News
A single Robinhood wallet holds $9.3 billion worth of Dogecoin (DOGE), representing nearly a third of the coin’s circulating supply. With a $46 billion market cap, DOGE has been central to Robinhood’s cryptocurrency offerings since 2018, driving significant user engagement.
The platform benefited from DOGE’s 2021 rally, fueled by Elon Musk’s tweets, although speculative trading led to temporary restrictions. Speculation persists about the wallet’s owner, with some suggesting Musk due to timing correlations with his posts. In late 2024, Robinhood enabled DOGE transfers in the EU, solidifying its role in the meme coin market. DOGE trades at $0.316 currently.
Bloomberg's Mike McGlone revealed a strong 0.68 positive correlation between Bitcoin (BTC) and Dogecoin (DOGE), indicating their price movements are closely linked. As of now, BTC trades at $92,873.61, down 3.04%, while DOGE fell 8.16% to $0.3214. This downward trend underscores their market alignment, although DOGE occasionally diverges.
McGlone also highlighted BTC's modest 0.32 correlation with the S&P 500, contrasting weaker links to gold (0.15) and a negative correlation with the U.S. Dollar Index (-0.14). These dynamics emphasize Bitcoin’s unique position, with broader implications for DOGE and the crypto market's interconnected behavior.
Dogecoin co-creator Billy Markus shared a video of Senator Joni Ernst referencing a Doge meme during a U.S. Senate session. The meme, depicting Doge overtaking Washington, D.C., was used humorously to advocate for the Department of Government Efficiency (D.O.G.E.), supported by Elon Musk and Vivek Ramaswamy. Ernst declared, “Doge is inevitable,” emphasizing fiscal responsibility.
Markus called the meme's Senate appearance “pretty funny,” prompting enthusiastic responses from fans. Meanwhile, Dogecoin exhibited high volatility, surging 16% before dropping 17%, currently trading at $0.32. Markus humorously linked Dogecoin's decline to Bitcoin's market crash, joking it “ate some fast food.”
On January 7, Shiba Inu holders realized $426 million in profits, marking the largest single-day selloff since February 2022. The selling surge led to a 10% price drop within 24 hours, with SHIB’s Relative Strength Index (RSI) at 41.96, signaling increasing selling pressure.
The meme coin has been trading within a descending parallel channel, risking a further decline to $0.000018 unless accumulation resumes. If the selloffs subside, SHIB could potentially rally to $0.000025 and even $0.000033. Currently, the market remains in a bearish trend, awaiting signs of stabilization or reversal.
On January 3rd, a massive whale transaction of 8.18 trillion SHIB, worth $195.1 million, triggered a significant market shift. This coincided with a bullish breakout, followed by a 14.5% drop after a market report.
Whale transactions surged 2004% in 24 hours, with data showing increased institutional interest and strategic accumulation, despite market downturns. SHIB's Long/Short Ratio hit 2.04, indicating bullish sentiment. Technical analysis suggests that if SHIB holds above the 200 EMA, it could see a potential surge of up to 80%, targeting $0.00003939, positioning it for recovery despite short-term volatility.
Ecosystem News
Ethereum co-founder Vitalik Buterin donated nearly $1 million in USDC to his biotech fund, Kanro, after swapping 28 meme coins for $984,000. These tokens, often sent to Buterin as tributes or marketing tactics, were sold on January 6. The sale caused significant price drops, with DINU losing 68% of its value.
Established in 2023, Kanro supports philanthropic causes. Buterin’s wallet is closely monitored, as previous swaps, including $2.24M from Popcat tokens, have impacted markets. Recently, he also donated $290,000 to Thailand’s Khao Kheow Open Zoo, highlighting his ongoing commitment to charitable efforts.
FLOKI’s price action in early 2025 mirrors PEPE's rally from January to mid-2024, suggesting it could see similar gains. After an initial consolidation phase, FLOKI began a sharp rise, reflecting a delayed market response to PEPE’s earlier surge.
On-chain data shows that 53% of FLOKI holders are in profit, with strong support at $0.000196-$0.000202. However, retail interest is driving this momentum, with a decrease in larger transactions and a rise in smaller ones. While retail speculation could drive short-term price gains, the lack of institutional support may limit long-term stability.
Bitcoin dominance has entered a death cross, marking a shift in investor focus. This technical signal, coupled with a dip in Bitcoin’s market share from 60% to 54%, suggests that altcoins could soon take the lead, reminiscent of the 2021 cycle.
However, the landscape has evolved, and memecoins are gaining traction, with weekly surges over 50%. Memecoins like Dogecoin are outperforming traditional altcoins, indicating a shift toward short-term, hype-driven gains. As Bitcoin dominance slips, the focus may increasingly turn to memecoins, presenting a dynamic shift in the market's priorities.
