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- Memecoin Journal - Week 48 2024
Memecoin Journal - Week 48 2024
Weekly update on all things Memecoins
TL;DR
DOGE is up
SHIB is up
Dogecoin Price Surges Amid Memecoin Revival
Valour Launches First-Ever DOGE ETP on Sweden's Spotlight Stock Market
Murad Unveils Metrics Table to Assess Meme Coin Decentralization
JUSTICE Meme Coin Faces Criticism Over Insider Control and Manipulation
Coinbase to List FLOKI on the Ethereum Network
Pump.fun Sees 66% Drop in Revenue After Livestream Controversy
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Dogecoin Price
Crypto is up this week, with DOGE being up 5.55% and SHIB up 28.37%:
Dogecoin (DOGE) Weekly Update
Dogecoin has seen notable price action this week, with its price rising 2.83% over the last 24 hours to $0.4374. Over the past 7 days, Dogecoin experienced a 6.41% increase, reflecting positive momentum within the memecoin sector. The live market capitalization currently stands at $64.29 billion, placing DOGE firmly within the top ranks of the cryptocurrency market. With a circulating supply of 146.97 billion DOGE and a maximum cap of 147.02 billion DOGE, supply dynamics continue to shape market activity. Trading volumes remain robust, with a 24-hour volume of $5.5 billion showcasing strong investor interest.
The price growth aligns with the broader trend of capital rotation within the cryptocurrency space, where liquidity flows from established coins like Bitcoin (BTC) and Ethereum (ETH) into higher-risk altcoins and memecoins. Dogecoin’s sustained popularity as a community-driven asset and its accessibility for retail traders further fuel its resilience and growth potential.
DOGE Market Analysis
Dogecoin closed the week with a solid uptrend, buoyed by increased trading activity and investor enthusiasm. Short-term support has been identified around $0.42, while resistance remains at $0.45. On a medium-term horizon, the recent price uptick suggests further gains if bullish momentum persists, with the potential to challenge resistance at $0.48. However, technical indicators hint at the possibility of brief pullbacks due to overbought conditions, particularly as the RSI approaches key levels.
In the long term, Dogecoin’s position as the leading memecoin solidifies its relevance in the cryptocurrency ecosystem. Support near $0.40 provides a strong foundation for future rallies, though broader market conditions will play a critical role in determining the sustainability of upward movements.
Expected Trading Ranges
Support: $0.42
Resistance: $0.45
Market Outlook
Dogecoin’s rise in market capitalization and consistent trading activity demonstrate its enduring appeal. While bullish sentiment drives current momentum, market participants should remain mindful of potential corrections as Dogecoin approaches resistance levels. As memecoins gain traction, Dogecoin continues to lead the pack, cementing its status as a key player in the cryptocurrency market.
is inevitable
— Elon Musk (@elonmusk)
3:53 PM • Nov 25, 2024
Financial News
Dogecoin’s market capitalization climbed to $57.8 billion on November 27, 2024, surpassing Porsche's $56.1 billion. This growth was driven by Elon Musk's endorsements and the launch of Valour's Dogecoin-based exchange-traded product (ETP) on November 26, signaling increased institutional interest. Musk’s creation of the Department of Government Efficiency (DOGE) further stoked investor enthusiasm, with retail investors interpreting it as a nod to the memecoin.
Over the past year, Dogecoin has surged 395%, contrasting Porsche’s 56% decline in market capitalization since April 2023. Analysts predict Dogecoin could rally by another 1,000%, supported by technical indicators such as the Gaussian channel, which suggests a bullish outlook. This momentum solidifies Dogecoin’s growing prominence in the cryptocurrency market.
On November 27, 2024, Dogecoin's market capitalization rose to $57.8 billion, surpassing Porsche's $56.1 billion. This surge, driven by Elon Musk's endorsements and the launch of Valour’s Dogecoin-based exchange-traded product (ETP) on November 26, underscores growing investor enthusiasm. Musk’s creation of the Department of Government Efficiency (DOGE), sharing its acronym with the memecoin, further fueled interest as retail investors interpreted it as a nod to Dogecoin.
While Porsche’s market cap has declined over 56% since April 2023, Dogecoin has experienced a remarkable 395% growth over the past year. Analysts predict a potential 1,000% price increase for DOGE, supported by technical chart patterns like the Gaussian channel, which suggests a continued bullish trajectory. This momentum solidifies Dogecoin's position as a key player in the memecoin market.
Onchain data reveals a mysterious investor holding over 10% of the Shiba Inu (SHIB) token supply across 150 addresses, with an initial $10,000 investment in 2020 now valued at $2.5 billion. The investor, identified as 0x1406, purchased 103 trillion SHIB tokens between August and October 2020, achieving an unprecedented 250,000-fold return. Despite this massive gain, the whale has refrained from selling, potentially signaling confidence in the token’s future. However, the concentration of such significant holdings raises concerns about potential price volatility if large quantities are sold.
Shiba Inu’s market performance has been noteworthy, up 134% year-to-date and 27% over the past month. Analysts suggest it could emerge as a key player in the ongoing bull market, supported by a bullish cup-and-handle pattern that points to a potential breakout. Additionally, Shiba Inu's price may benefit from capital rotation from Dogecoin (DOGE), as SHIB is currently oversold against its rival based on relative strength index (RSI) indicators. This dynamic could fuel further upward momentum for SHIB in the coming market cycles.
Shiba Inu recently experienced an 18% price surge, pushing its market capitalization to over $18 billion, but signs of a potential pullback are emerging. Despite this impressive price increase, trading volume has sharply declined, which, alongside other indicators like a high Fear and Greed Index and declining Weighted Sentiment, suggests that a bearish reversal could be imminent. Additionally, Shiba Inu's Open Interest (OI) and overbought Relative Strength Index (RSI) point toward the possibility of a price correction.
However, not all signs are negative for SHIB. The token’s Social Volume has spiked, potentially supporting the ongoing bull rally. Furthermore, Shiba Inu's low Network to Value (NVT) ratio indicates the asset may still be undervalued, suggesting that a continued price rise toward $0.000032 is possible. Despite the risks, investors are closely monitoring whether the bullish momentum can overcome the technical and market concerns that hint at a price pullback.
Crypto analysts are forecasting a potential 40% rally for Shiba Inu (SHIB) if Bitcoin reaches $100,000. Analyst Rose predicts that SHIB could climb to as high as $0.000037372, marking a significant increase from its current levels. The meme coin is in a consolidation phase, with key accumulation zones between $0.00002387 and $0.00002541. If it breaks above this resistance, the price could target levels of $0.000031040, $0.000034024, and eventually $0.000037372. Shiba Inu's price is strongly correlated with Bitcoin's movements, with a correlation coefficient of 0.88, suggesting SHIB could benefit from Bitcoin's bullish reversal.
Additionally, analyst Javon Marks highlights that SHIB is targeting its all-time high (ATH) of $0.00008, which could potentially be surpassed. He notes that the meme coin is in a favorable position, having gained over 162% recently and responding positively to a Hidden Bullish Divergence. With SHIB whales accumulating, a price increase of more than 75% could be on the horizon, marking a possible 215% gain to the ATH. Moreover, SHIB’s recent surge in burn rate by 4,500% adds to the bullish sentiment surrounding the coin.
Adoption News
On November 26, Valour, a subsidiary of DeFi Technologies, announced the launch of the world’s first Dogecoin exchange-traded product (ETP). Trading on Sweden’s Spotlight Stock Market, the ETP offers retail and institutional investors regulated exposure to the largest memecoin by market cap. Valour's Head of Nordics, Johanna Belitz, attributed the launch to surging demand following the U.S. presidential election and Elon Musk’s continued influence.
The introduction of Valour DOGE ETP reflects Dogecoin's evolution from a satirical cryptocurrency in 2013 to a $55 billion market cap asset widely used for micropayments and tipping. Despite its proof-of-work blockchain's limitations—such as lack of smart contract functionality—Dogecoin's growing utility cements its position as a memecoin market leader. Valour’s parent company, managing $600 million in crypto strategies, underscores its commitment to expanding the accessibility of digital assets through initiatives like this ETP.
Coinbase has announced that it will list the popular meme coin FLOKI, supporting it on the Ethereum network (ERC-20 token). As the sixth-largest meme coin by market cap, valued at $2.3 billion, FLOKI will be available for trading on Coinbase and Coinbase Exchange, with the FLOKI/USD trading pair opening after sufficient liquidity is established. The coin's price surged by 14% following the announcement, reflecting positive market sentiment. However, Coinbase has cautioned users not to send FLOKI over unsupported networks to avoid losing funds.
FLOKI has garnered attention with its expanding ecosystem, which includes decentralized finance (DeFi) protocols, gaming, and tokenization efforts. The FlokiFi Locker, which allows users to lock assets on Ethereum or Binance Smart Chain, recently reached an all-time high of over $189 million in total value locked. The play-to-earn game, Valhalla, is also set to launch on the mainnet on November 28, 2024, further strengthening FLOKI’s position in the crypto market.
Dogecoin (DOGE) could potentially rally to $5, according to a Gaussian channel analysis, which has historically predicted parabolic price movements. Market analysts suggest that DOGE, currently consolidating after a 159% rise in November, is positioned to follow its past trends of exponential growth. Trader Tardigrade noted that DOGE has gained support from the mid-band of the Gaussian channel for the third time, hinting at an imminent bullish breakout. Similarly, independent trader Javion Marks compared DOGE's current setup to its parabolic rises in 2016, 2021, and 2024, suggesting a retest of its all-time high at $0.73 is on the horizon, with potential growth to $3-$5 by 2025.
While technical indicators highlight bullish momentum, onchain activity presents mixed signals. Data from Santiment shows a decline in wallet activity, interpreted as a positive sign, as it may indicate capitulation by inexperienced traders and accumulation by larger investors. Historical resistance near $0.73 could delay rapid price discovery, but analysts remain optimistic about DOGE’s long-term potential based on diminishing returns and strong market interest.
According to market intelligence platform IntoTheBlock, Bitcoin (BTC), Dogecoin (DOGE), Shiba Inu (SHIB), and Ethereum (ETH) have emerged as the cryptocurrencies with the longest holding periods among investors. Bitcoin tops the list with an average holding period of four years and four months, demonstrating strong investor confidence. Dogecoin and Shiba Inu, despite being meme coins, are also notable for having an average holding period of two years and four months, similar to Ethereum. These long-term holdings reflect the faith crypto investors place in these assets.
Bitcoin holders have benefited from this long-term approach, with nearly 95% of them currently in profit. Dogecoin also shows strong performance, with nearly 79% of its holders in profit. However, Shiba Inu holders, although having held for a significant amount of time, have only 52% of addresses in profit, suggesting mixed results for these investors. This trend underscores the varying degrees of success in holding different cryptocurrencies over extended periods, with Bitcoin showing the most consistent returns.
Dogecoin (DOGE) has demonstrated bullish signs, including a 170% surge in November and a recent 2% gain, fueled by a significant rise in new addresses. However, despite these positive metrics, DOGE faces challenges in maintaining momentum. The recent surge brought the token to a local resistance level of $0.40, and with Bitcoin's dominance in the market, capital may rotate back into BTC, which could limit DOGE's further gains. Additionally, while a local bottom at $0.40 could set the stage for a rebound, macroeconomic factors, including the upcoming Fed meeting and potential market shifts, may hinder DOGE's sustained rally.
For DOGE to continue its bullish trend, it must capitalize on the volatility and maintain momentum across key metrics. While a surge in new addresses and significant accumulation in the spot market are promising, the token's rally is at risk if Bitcoin draws investor attention away. A strong rebound would depend on DOGE holding the $0.40 support level and avoiding further downward pressure. If DOGE can navigate these challenges, it could push towards the $0.48 mark, but much depends on broader market dynamics and investor sentiment.
Ecosystem News
Solana has become the go-to blockchain for the memecoin market due to its low fees and high-speed transactions. Unlike Ethereum, which faced high gas fees, Solana’s ability to process over 65,000 transactions per second has made it the ideal platform for memecoin trading, especially during high-volatility periods. Memecoins like Goatseus Maximus and BONK have thrived on Solana, demonstrating the blockchain’s capacity to handle the demand of this rapidly growing sector.
The success of Solana’s memecoin ecosystem has driven its Total Value Locked (TVL) to new highs, surpassing Ethereum in key metrics. As Solana integrates with AI and embraces a community-driven culture, it continues to outpace other blockchains, positioning itself at the forefront of the memecoin revolution.
Pump.fun, a Solana-based memecoin launchpad, experienced a significant drop in weekly revenue after disabling its livestream feature. The platform saw a peak in revenue in the fourth week of November, reaching $33.83 million, a 60% increase from the previous week and a nearly 400% rise since the start of the month. However, from Nov. 25 to Dec. 1, revenue plummeted to $11.31 million, a 66% decrease. This decline followed reports of harmful content being broadcast on the platform’s livestream, with users threatening violent acts in hopes of boosting the market value of their tokens.
In response to these concerns, including reports of individuals threatening suicide and violence during livestreams, Pump.fun disabled the feature indefinitely. The platform acknowledged the disturbing content and stated that it would work on implementing proper moderation. This decision to halt the livestream feature has raised concerns about potential legal actions, with some experts suggesting that the platform could face criminal investigations or lawsuits as a result of the controversy.
The recent launch of the JUSTICE meme coin by Peanut the Squirrel’s owner, Mark Longo, has raised serious concerns regarding potential insider manipulation. Investigations by analysts at Bubblemaps revealed that nearly 80% of the token's supply is controlled by a small group of addresses, leading to accusations of coordinated insider control. JUSTICE, which was launched as a protest against the success of the Peanut the Squirrel meme coin, quickly gained attention with its market cap reaching $13 million and its price surging by over 50,000% in just a few hours. Despite the rapid rise, analysts have flagged the suspicious concentration of token ownership, with the top 45 holders funded in a short window, suggesting centralized control.
These developments have cast a shadow over JUSTICE’s legitimacy and raised concerns about its decentralization. The heavy insider control, with funds originating from centralized wallets or protocols, has fueled doubts about the true nature of the coin. While Longo claims that JUSTICE is a statement against the exploitation of his late pet's legacy, the centralized ownership structure and rapid price movements indicate that the coin may be subject to manipulation, posing risks to investors. The situation continues to evolve, and the growing scrutiny around the coin suggests that it may not be as decentralized as it appears.
