How GameStop Helped Dogecoin and WIF Rise 10% While Memecoins Rise 170%

• The value of the meme coin market has skyrocketed in the last 24 hours.
• DOGE and WIF experienced double-digit price increases during that period.

The meme market has seen a significant surge in trading activity over the past 24 hours after GameStop stock trader Keith Gill posted Roaring Kitty X on his account for the first time since 2021.

See more

The image of a man holding a controller and sitting intently in a chair caused GameStop shares to rise more than 100% in the next 24 hours.

At noon on May 13, stock trading was halted several times to curb market volatility.

The rally in GameStop shares has led to increased activity in the meme coin market.

Second CoinMarketCap According to the data, in the last 24 hours, the trading volume in that market amounted to $8 billion, a growth of more than 170%.

The sector’s market capitalization also increased by 10% over the same period.

DOGE and WIF are headed in different directions

In the last 24 hours, the values ​​of the main meme assets Dogemoneta [DOGE] AND dogwifthat [WIF] they grew by double digits. While DOGE saw a price increase of 10%, WIF’s value increased by 11%.

As of this writing, DOGE is trading at $0.15. Its double-digit rally over the past 24 hours caused its price to bounce off the support at $0.14 as the bulls attempted to reclaim the $0.16 resistance price level.

However, for this to happen, demand for the meme coin must be sustained.

Readings of key coin momentum indicators observed on a daily chart showed that the DOGE market was yet to be at the demand level.

At the time of writing, its Relative Strength Index (RSI) stood at 49.84, below the neutral position of 50. Likewise, its Chaikin Money Flow (CMF), which measures the flow of money coming in and out of the asset, it was on the zero line.

The values ​​of these indicators showed that, despite the increase in prices in the last 24 hours, the demand for DOGE from market operators had not yet exceeded its distribution.

Source: DOGE/USDT on TradingView

On the other hand, WIF fared significantly better. At the time of writing, its key momentum indicators were above their respective center lines.

Its Money Flow Index (MFI) was 66.61, while its RSI was trending up at 52.68. These values ​​signaled that meme coin accumulation was starting to gain momentum.

Furthermore, WIF’s 11% gains in the past 24 hours have pushed its price above the 20-day simple moving average (SMA).

Source: WIF/USDT on TradingView

Is your portfolio green? Take a look at DOGE Profit Calculator

When the price of an asset rises above this moving average, it signals the start of a short to medium-term uptrend.

It often means that buyers have regained control and the price of the asset is trending higher.

Fuente