The original meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) are enjoying a rebound, with both cryptos rising over 10% since yesterday.
This bullish price action has caught the interest of retail investors and suggests that the meme coin hype cycle is far from over.
Meanwhile, the buzz around Dogecoin20’s (DOGE20) ICO is building rapidly – over $1.8 million in funding has already been raised.
Dogecoin Experiences 10% Rebound as Crypto’s Biggest Meme Coin Recovers
Leading the ongoing rally is the world’s largest meme coin, Dogecoin.
DOGE has surged over 10% in the past 24 hours, trading at $0.149 after reclaiming some of the ground lost during Saturday’s selloff.
The upward momentum represents a welcome relief rally for DOGE holders, who had been forced to endure several days of bearish price action following Thursday’s peak.
However, things are starting to look up once more.
Data from CoinMarketCap shows that DOGE has pushed back into the top 10 cryptocurrencies by market cap, sporting a total valuation of $21.3 billion.
Looking closer at the technicals, DOGE has rejected the $0.140 level as support, using it as a base to push higher.
This level was also rejected twice during the first week of March – suggesting it may now be acting as a strong floor for Dogecoin’s price.
Whether DOGE’s surge can be sustained remains to be seen, but for now, the momentum is undoubtedly on the bulls’ side.
Shiba Inu Surges 16% to Keep Pace With DOGE
While Dogecoin’s bounce has caught most of the attention, Shiba Inu hasn’t been left out of the rally among major meme coins.
The world’s second-largest meme coin has surged over 16% higher in the past 24 hours to trade around $0.0000282.
SHIB’s double-digit percentage gain has allowed it to reclaim a crucial technical level – the 20-day simple moving average on the 4-hour chart.
This bodes well for strengthening the current uptrend, with traders now awaiting a breakout above resistance at $0.000030.
Fueling SHIB’s rebound has been a spike in spot market volumes, up 14% from yesterday, as investors rush to get exposure.
Despite being unable to replicate the incredible gains posted by smaller meme coins, SHIB remains a popular choice for traders due to its enormous community.
However, the token is still 38% below the two-year high of $0.0000458, which was posted earlier this month.
This means there could be room for more upside if the bullish momentum can be sustained.
Dogecoin20’s High Staking APYs Turn Heads as FOMO Drives ICO Gain
Alongside DOGE and SHIB, another dog-themed project is gaining traction – Dogecoin20.
Its unique value proposition, combining meme culture with on-chain staking, has caught the attention of investors during the project’s ongoing crowdfunding event.
In just a few short weeks, Dogecoin20’s ICO has already raised $1.8 million from retail investors.
This eagerness to get in early is driven by the ultra-low presale token price of $0.000164 and Dogecoin20’s high staking rewards.
According to the staking dashboard, early adopters who lock up their DOGE20 tokens will earn a staggering 404% APY.
A whopping 15% of the entire 140 billion DOGE20 supply has been set aside to fund these rewards.
This staking integration gives DOGE20 much more utility than most legacy meme coins.
However, Dogecoin20’s rise in popularity isn’t just driven by its features.
With an engaged community growing across Twitter and Telegram, the FOMO surrounding this “DOGE upgrade” has become electric.
High-profile influencers like Jacob Bury have even shouted out DOGE20’s potential to his 34,000 subscribers on YouTube.
Whether it can live up to the early hype remains to be seen, but one thing is clear – Dogecoin20 is positioning itself as a major force in the meme coin space.
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Source: Bitcoin
