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Cryptocurrency News Articles
Meme Coins Market Shows Signs of Recovery as Dogecoin (DOGE) and Floki Inu (FLOKI) Rank among Daily Top Gainers
Oct 19, 2024 at 10:25 pm
As the third week of October draws to an end, the altcoin market seems to be showing indications of recovery in several sectors, especially in the meme coin
As the third week of October nears its end, several sectors within the altcoin market appear to be showing signs of recovery, particularly within the meme coin domain.
Two notable gainers in the daily top five list are garnering the attention of investors once more: Dogecoin (DOGE) and Floki Inu (FLOKI). Both dog-themed tokens have been at the forefront of investor interest, reflecting their significant presence within the crypto market.
At the time of writing, both Dogecoin and Floki Inu have seen notable increases, ranking among the top performers in the daily gainer list. This growth comes amidst a broader positive sentiment around DOGE, which recent on-chain metrics have helped to substantiate.
As previously covered by CNF, these measures have shown a clear bullishness toward Dogecoin, with the open interest (OI) for DOGE futures contracts now surpassing $800 million.
DOGE Open Interest Surges as Traders Show Bullish Sentiment
Fresh data from CoinGlass for today shows yet another increase in DOGE’s OI, which has now seen a substantial rise to reach $1.07 billion. This significant growth in open interest reflects traders’ optimism and suggests more activity around the token.
Over the past 24 hours, the market shows a slight preference for long holdings over short ones, with DOGE’s current Long/Short ratio sitting at 1.0408. This ratio points to traders leaning bullish on the token in the short term, as more market players expect the DOGE price to go up rather than down.
In terms of price, DOGE has seen an impressive 8.84% increase over the last 24 hours, trading at around $0.1454. Prominent crypto analyst Mags has highlighted historical patterns and a bullish sentiment that fuels this outlook.
In a recent tweet, Mags pointed to the possibility of DOGE being set for a massive rally based on its previous performance. Noting how DOGE had its first pump pattern in 2021 before going on a 13,000% parabolic rally, this analysis attempts to use prior movements as cues.
With a first rally target for DOGE set at $1.17, this historical trend analysis could be providing some direction for the upcoming bull run. While these projections remain hypothetical, the continuous growth and higher open interest suggest a positive bullishness.
Floki Inu Shows Bullish Momentum with Interesting On-chain Data
Another meme coin in the spotlight, Floki Inu (FLOKI), is also showing strength. CoinGlass data shows a 17.15% increase in FLOKI’s open interest, bringing the total figure to $24.62 million, hinting at a possible upcoming big move for FLOKI.
Comparable to DOGE, the Long/Short ratio for FLOKI over the previous 24 hours shows a slight bullish bias, as more traders place long positions in anticipation of a price increase.
Meanwhile, the FLOKI price had an 8.13% increase over the last 24 hours at the time of writing, trading at around $0.0001617.
This price movement is supported by technical analysis from well-known analyst ZAYK Charts, who recently tweeted about FLOKI’s potential for a massive rally.
Based on ZAYK’s chart analysis, FLOKI is breaking out of a falling wedge pattern, which is usually considered a bullish sign that precedes a strong rally. Thanks to this breakout, ZAYK projects FLOKI could see gains of 100% to 150% in the next eight days to two weeks.
Moreover, as we previously covered, Floki Inu’s performance throughout this season has had historical relevance. Past data indicate that October 22 has been a significant date for FLOKI since the token regularly breaks out of consolidation trends at this time.
Past market trends show a consistent indication for FLOKI to be set for massive gains on October 22, which is right around the corner.
As the meme coin market continues to expand, new contenders like WIF, POPCAT, MEW, and PEPE have managed to garner a lot of attention from investors. However, popular and old meme coins like Dogecoin and Floki Inu still appeal to investors even as the new tokens begin to take center stage.
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