Crypto’s favourite memecoin, Dogecoin (DOGE), is dipping today amidst a broad pullback led by altcoins.
DOGE shed 4.9% of its value overnight to trade at $0.83404 at the time of writing, according to CoinGecko. Its price is only nominally higher than it was seven days ago.
On the other hand, market leaders Bitcoin and Ethereum posted overnight pullbacks of 1.9% and 0.4%.
In general, altcoins lost the most in the last 24 hours. Among the top 10 cryptocurrencies by market capitalization, Solana (SOL), Cardano (ADA) and Avalanche (AVAX) all dipped more than 6%.
Leading memecoins also suffered steep pullbacks. DOGE and Shiba Inu both appeared more resilient than their rivals, with their overnight price depreciations being lower than 4%.
Other memecoins were not so lucky, including BONK, which dropped 11.2% to $0.00001144, PEPE shed 7.6% to hit $0.051117, Dogwifhat (WIF) crashed 12.4% to $0.3395, and FLOKI fell 8.2% to $0.00003233.
A glance at DOGE’s chart reveals that its Relative Strength Index (RSI) is approaching thirty, which indicates heavy selling that is likely to cool off.
Over the last three months DOGE has found solid support at $0.75 and with this current dip coming close to being oversold, it’s not likely that it will bottom out any lower.
Source: TradingView
However, DOGE fans might find some trouble getting back to $1 again. Despite being a memecoin, Dogecoin is its own blockchain too. The coin’s loyal community has helped it become one of the biggest cryptocurrencies in the world, but its recent omission, alongside Bitcoin, from Coinbase’s payments protocol Coinbase Commerce is a glaring one.
Dogecoin used to be a number one altcoin contender, but coins like SOL, XRP, and ADA have dethroned it thanks to their perceived higher utility.
Weather Dogecoin Pullbacks with BTCMTX
Dogecoin and other memecoins have whimsical values. Often, memecoin prices involve factors that are both beyond the community and impossible to price in. A good example of this was crypto’s 2021 bull run, where a single tweet by billionaire DOGE fan and Tesla CEO Elon Musk could vastly pump DOGE’s price.
Those looking for alternative cryptocurrencies that are a bit safer, need look no further than Bitcoin Minetrix. BTCMTX is a promising token that doesn’t rely on a cute avatar or the whims of billionaire influencers. Its ongoing presale has raised over $11.2 million off the back of utility alone.
Exciting news for the #Crypto mining industry! #PolarisTechnology unveils plans for a $100 million, 200MW data center in Muskogee, Oklahoma.
What opportunities do you think this development will bring to the local community?#BitcoinMinetrix has successfully raised more… pic.twitter.com/m6jQ29WJ1D
— Bitcoinminetrix (@bitcoinminetrix) February 20, 2024
BTCMTX is the perfect simple onramp into cloud Bitcoin mining. It taps Ethereum smart contracts to net investors yields by turning their money into cloud mining machinery. There is no need to purchase specialist mining rigs. Simply buy and stake BTCMTX via the website.
The more BTCMTX investors lock up, the more cloud mining credits they’ll receive. These represent hash power. The greater the hash power, the more attempts Bitcoin cloud mining software can make to break the network’s cryptographic puzzles and validate blocks of transactions. This process is called mining and it is rewarded in Bitcoin.
The BTCMTX also generates yields in BTCMTX, further fuelling the staking/mining cycle.
With miners’ rewards set to halve on April 19, investors may want to get in early. It’s currently priced at $0.0136, but this is due to raise in four days.
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