Traders are increasingly bullish on Dogecoin as the price of DOGE surges by 10% this week while the rest of the market tanks.
As Bitcoin fell beneath $30,000, Dogecoin headed in the other direction, breaking the May highs and heading toward $0.08.
The Twitter rebrand is primarily driving the price surge, as speculation continues that Dogecoin will be integrated as the central currency in the ecosystem.
Meanwhile, traders are also speculating about the potential of other meme coins in the sector, with Wall Street Memes ($WSM), Evil Pepe ($EVILPEPE), and Chimpzee ($CHMPZ) rapidly gaining traction and turning heads.
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Dogecoin Sees Steady Price Rise as Overall Market Tanks
While Bitcoin ($BTC) breaks to the downside of its month-long consolidation period and heads lower, Dogecoin ($DOGE) is bucking the trend and heading in the other direction.
Dogecoin is up by 10% this week as it trades higher to head toward the $0.08 level again – a price not seen since April 2023.
The coin is up by a total of 33% from the June lows as it trades inside an ascending price channel;
Looking ahead, a break above $0.08 and the upper boundary of the price channel could send $DOGE parabolic.
In this case, resistance is located at $0.0875 (Feb 2021 highs), $0.096, and $0.1.
On the other side, support lies at $0.075, the lower boundary of the price channel, and $0.065.
Why is Dogecoin Surging Today?
Dogecoin is surging this week primarily due to Twitter rebranding to ‘X.’
Elon Musk, the Twitter owner and space entrepreneur, has been talking about Twitter 2.0 (now called X) since his $44 billion acquisition in October 2022.
Dogecoin started to surge as Elon Musk, self-proclaimed Dogefather and meme coin lover, changed his Twitter name to ‘𝕏Ð,’ with the ‘X’ representing the new X company logo and the ‘D’ expected to be the new Dogecoin symbol.
Speculation has been circulating that Deogcoin would be included in Twitter 2.0 – a.k.a X – as a tipping currency, becoming one of the centerpieces of the X’s financial ecosystem.
The entire idea behind the rebrand is to merge several services into one single app. For example, X will include a messenger service, financial research tools, educational tools, and a social hub.
If Dogecoin is integrated as the primary financial currency in X, the utility would explode, and its value would turn parabolic.
Could These Meme Coins Pump Alongside Dogecoin?
As Dogecoin starts to surge, it’s bringing life back into the meme coin market and helping other meme coins to see price hikes.
As a result, traders are flocking to low-cap projects that are yet to explode in the hopes of replicating the early Dogecoin success.
In particular, three meme coins are starting to turn heads in the meme coin sector as they gain significant traction. These meme coins are Wall Street Memes ($WSM), Evil Pepe ($EVILPEPE), and Chimpzee ($CHMPZ).
Wall Street Memes Crosses $17.5 Million Fundraising Milestone as Investors Flock Because of Elon Musk.
Dogecoin isn’t the only meme coin that Elon Musk has been paying attention to.
The interest from Elon Musk has sparked a wave of investment into $WSM, turning it into one of the most sought-after meme coins in the space.
Wall Street Memes is on a mission to make a mockery of the traditional financial system and the greedy capitalists on Wall Street through its meme-based humor.
The project has captured the entire industry’s attention due to its unique internet culture, hilarious memes, and engagement from Musk.
The memes posted on the Wall Street Memes social media have become so popular that they generate 40 million monthly impressions – making it the internet’s go-to source for meme-based humor surrounding finance.
As a result, Wall Street Memes has managed to amass a cult-like community of over 1.1 million followers.
Investors believe this huge following puts $WSM in a guaranteed position to be listed on significant tier-1 exchanges as soon as it launches.
They reason that massive exchanges like OKX or Binance would seek to capitalize on the enormous trading volumes expected from the colossal community.
Although the project has zero utility – like every other meme coin in the space – the strength of the project lies behind the robust community supporting it.
Investors are confident in its long-term prospects because the project is entirely community-driven.
For example, the entire $WSM is reserved for the community, with half allocated to the presale and the other half dedicated to adding liquidity to exchanges and providing community rewards.
As a result, investors don’t need to worry about team members dumping vast amounts of tokens on the market as they haven’t allocated any for themselves – demonstrating their long-term commitment to the project.
A series of influencers are starting to speak about the project, with CrytptoWendy0 stating it will be at the forefront of the next bull run;
Overall, Wall Street Memes has struck the perfect balance between hype and FOMO to become the next meme coin sensation on the market.
However, with the presale in its final stages and less than a third of its allocation available, investors will need to act quickly to get positioned at presale prices.
Alternatively, prospective investors can wait for $WSM to launch on centralized exchanges but must pay significantly higher prices to get positioned.
Evil Pepe Allowing Degens to Embrace Their Dark Side
Another meme coin project turning heads this week is Evil Pepe, a project that seeks to replicate the success of Pepe by letting degen traders embrace their dark side.
Evil Pepe represents the naughty side of the meme coin game. He’s that voice inside your head driving your shitcoin trading decisions.
When you know you shouldn’t be investing in a coin, Evil Pepe will appear and convince you to ape anyway as you give in to the FOMO.
Evil Pepe is always lurking, waiting to pounce on anybody trying to ‘research’ the next rug-pull project.
He’s back at it again, convincing you not to wait for his own token to start trending on DexTools and FOMO during the presale at the lowest prices.
Evil Pepe wants to create a community-driven meme token where an unapologetic community can connect through their universal experience of giving into FOMO.
Although his nature is evil, Evil Pepe is not a scammer and wants his project to start on an even playing field.
Therefore, he’s selling 90% of his entire supply in the presale, with the other 10% being locked by Team Finance for liquidity – preventing his ability to the rug on his community no matter how tempting it might be.
The presale has already raised over $750,000, selling $EVILPEPE at a single price of $0.000033.
With a $2 million hard cap, Evil Pepe will launch with incredible room for growth – providing the ability for 10x returns for early adopters.
Overall, Evil Pepe wants to end the Pepe clone craze by putting the other derivatives to shame.
However, with just eight days to go in the presale, investors will need to buy quickly or purchase the token on DEXs after it trends at higher prices.
Chimpzee Redefining How We Donate to Charity
The final meme coin worth looking at is redefining how we contribute to charity while simultaneously providing passive income streams for holders.
Chimpzee wants to use Web3 technology and meme coin hype to generate funds to contribute to noteworthy charities helping save endangered animals and prevent climate change.
The project is already generating significant traction as it quickly approaches its presale’s $1 million fundraising milestone.
The Chimpzee ecosystem provides three avenues for CHMPZ holders to earn a passive income through shop-to-earn, trade-to-earn, and play-to-earn – all of which generate funds to make donations to charity.
It also has an entire NFT ecosystem, with holders of the Chimpzee Diamond NFT Passport earning the highest passive income in the ecosystem.
The team has consistently demonstrated its commitment to helping change the world through sizable donations – even before its presale has finished.
For example, they donated a $20,000 donation to WILD Foundation to help provide resources to save black jaguars in South America;
Hey #ChimpzeeArmy! 🐵🌟— Official Chimpzee Project (@RealChimpzee) July 14, 2023
🎉We have just made a $20,000 donation to the @wildfoundation to support their remarkable efforts in saving and protecting the majestic black jaguar!🐆❤️
Join our #Presale and help us achieve our next donation!✨🌍https://t.co/Geog3EVuMC#EcoCrypto
Before this, they donated $15,000 to WILD Foundation to help save the last herd of desert-adapted elephants and have already planted over 20,000 trees through One Tree Planted.
🎉We achieved our 3rd Raise Goal and will plant 20,000 trees with One Tree Planted!— Official Chimpzee Project (@RealChimpzee) June 6, 2023
👏Thank you Chimpzee Army for coming together to help make a real world impact toward helping fight climate change! 🌲🌲
Lookout for our next raise goal to help the WILD Foundation save animals! pic.twitter.com/iu7QiXgL63
Overall, Chimpzee is a wholesome project using groundbreaking Web3 mechanisms to impact the world positively.
Invest in CHMPZ today and help contribute to charity while simultaneously earning a passive income through the ecosystem.
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