This Week in Meme Coins: DOGE, WIF Decline, but FARTCOIN Delivers 200% Hike

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As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I have seen my fair share of market ups and downs. This week’s performance of meme coins has been no exception, with most coins, including Dogecoin (DOGE) and dogwifhat (WIF), experiencing significant declines. However, the unexpected rise of Fartcoin (FARTCOIN) has certainly added an interesting twist to the tale.

During the second week of December, meme coins showed a blend of results, mostly suffering double-digit drops. As explained in this week’s meme coin overview, this trend mirrors the general market situation where many cryptocurrencies have lost their recent bullish momentum.

Regardless of the downtrend seen in meme coins such as Dogecoin (DOGE) and Dogewhatt (WIF), Fartcoin (FARTCOIN) showed an unusual level of resilience and outperformed its peers.

Dogecoin (DOGE)

A few weeks back, Dogecoin showed signs it might reach the $1 threshold. But this week, there’s been a shift as the value of the meme currency dipped by about 10%.

The drop in Dogecoin’s value might be connected to an increase in its distribution, as suggested by the 4-hour analysis. More precisely, the Money Flow Index (MFI), a tool that assesses the balance of buying and selling pressure within the market, decreased significantly from 75.57 to 24.12.

It seems that some Dogecoin (DOGE) owners sold their coins following last week’s rise, which accounts for the current drop in price. At present, the trading activity surrounding DOGE appears lower, suggesting that a recovery may not be imminent.

If this pattern persists, the value of Dogecoin may dip once more, potentially falling to around $0.37. However, if there’s an increase in the hoarding of Dogecoin (meme coin accumulation), it might reverse course and move closer to reaching the $1 mark.

dogwifhat (WIF)

Similar to Dogecoin, the value of WIF also dropped this week. This decrease in WIF’s price is a 25% correction primarily due to increased selling pressure. Upon examination of its daily chart, BeInCrypto’s weekly meme coin recap noted that WIF has developed a head-and-shoulders pattern.

The head and shoulders pattern is bullish-to-bearish, suggesting that the value of a cryptocurrency might slide further. Considering this, the Solana meme coin’s price could drop to $1.88.

But should bulls manage to hold the support at approximately $2.35, the predicted price increase to $3.93 may not occur. Instead, the meme coin’s worth could potentially rise in such a case.

Fartcoin (FARTCOIN)

As a researcher delving into the world of meme cryptocurrencies, I’ve noticed an intriguing trend: while popular coins like DOGE and WIF were on a decline, a relatively newcomer, Fartcoin, has been making waves. A quick glance at its daily chart reveals a staggering 200% increase in price between December 8 and the present moment.

The substantial price hike might stem from the growing optimism regarding AI-powered agents. You may remember that Fartcoin is among the meme cryptocurrencies created in response to Truth Terminal’s post.

Looking at the technical aspects, the activity level surrounding the meme token appears to be decreasing, which could potentially lead to a drop in its value. If this trend continues, the price of FARTCOIN could dip down to approximately $0.41.

If the demand for purchasing FARTCOIN grows, there’s a possibility that this current trend may shift. Under such circumstances, FARTCOIN might rebound to reach approximately $0.78.

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2024-12-14 16:27