The majority of digital assets are showing double-digit gains, and meme coins like Dogecoin are making a significant breakthrough, which has caused the cryptocurrency market to jolt back in the last two days.
On the other hand, DOGE has been performing exceptionally well in the previous 24 hours, breaking out of the consolidation zone it has been in for the past 125 days. The move might serve as the cornerstone for Dogecoin’s impending comeback rally.
Given the meme coins holding makeup, investors should exercise caution. The bulk of DOGE holders are retail investors who want to take gains or break even as soon as possible, which is why local rallies without the help of whale or institutional investors lead to the demise of DOGE and related assets.
According to the chart’s fading trend, we may finally observe a shift in Doge’s conduct. However, given the lack of clarity on future moves that financial authorities may take, the market’s current position suggests that it is too early to begin shifting capital into high-risk assets.