Iconic meme coins Dogecoin (DOGE) and PEPE are painting the markets green, leading many to speculate whether a new “meme season” is on the horizon.
Dogecoin, the pioneering meme-inspired digital asset, has surged an impressive 15% this week, outpacing other prominent meme coins like Shiba Inu (SHIB), dogwifhat (WIF), PEPE, and Floki Inu (FLOKI). However, these altcoins are also basking in the collective bullish sentiment, posting modest gains ranging from 2% to 5%.
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The Dogecoin Catalyst: DOGE Day Approaches
One of the primary drivers behind Dogecoin’s recent upswing is the anticipation surrounding the upcoming “DOGE Day” on April 20th. Historically, this date has been a rallying point for the Dogecoin community, with investors banding together to push the coin’s price higher. The ambitious goal this year is to propel DOGE to the symbolic $0.42 mark, although a more realistic target may be the $0.25 to $0.30 range, given the coin’s current trading levels around $0.20.
DOGE’s ascent has been further bolstered by its recent listing on major cryptocurrency exchanges like Coinbase, which announced the introduction of DOGE perpetual futures contracts earlier this year. This development underscores the growing institutional recognition and adoption of meme coins.
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Show more +The PEPE Perpetual Futures Listing
Adding fuel to the meme coin fire, Coinbase International has revealed plans to list PEPE perpetual futures contracts on April 18th. This move signifies a growing interest in meme coins from traditional financial institutions, potentially paving the way for increased liquidity and mainstream adoption.
The Meme Coin Ecosystem Thrives
While Dogecoin and PEPE are leading the charge, the broader meme coin ecosystem is experiencing a resurgence of investor enthusiasm. Social media platforms are full of discussions and speculation about the next potential meme coin breakout, exemplified by posts like “@cryptojourneyrs” asking, “What is everyone buying tonight?! #MEMECOINS ONLY.”
So, will Dogecoin and PEPE spearhead a full-fledged recovery for meme coins ahead of the highly anticipated DOGE Day? While past performance is no guarantee of future results, the current bullish momentum and the upcoming catalysts certainly paint an optimistic picture for meme coin enthusiasts. As always, investors are advised to exercise caution and conduct thorough research before making any investment decisions.
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