Dogecoin20 eyes growth as Pepe, Bonk face market downturn
Release: 2024/03/16 00:49 Reading: 827
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In recent market movements, Pepe and Bonk experienced downturns amidst a broader crypto market decline, raising questions about their recovery prospects. Meanwhile, Dogecoin20, a new meme token, has caught attention with its rapid fundraising, signaling potential growth.
Pepe and Bonk have had solid performances over the past few days. Pepe saw a surge of over 240% in the past two weeks, while Bonk saw a 50% increase during the same time.
However, both cryptos have experienced a slight downturn in the past 24 hours as the broader crypto market declined.
While the broader market for these two cryptos still slightly favored the buying power, Pepe and Bonk were down by over 10% in the past day.
As a result, many traders are unsure about the near-term recovery prospects of these meme tokens and are looking for early-stage tokens with high potential. Dogecoin20 is a trending new meme token presale that raised over $200K within a day of its launch.
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Pepe and Bonk dip by over 10% in the past day
The meme coin market again saw an uptick after Elon Musk’s recent Tweet. His recent post on X (formerly Twitter) featured the iconic Pepe the Frog.
Following Musk’s tweet, Pepe’s price soared by nearly 22%. However, it subsequently saw a 12% decline and was traded at $0.00000935 at the time of writing.
Pepe saw a bullish trend over the past few days, with prices fluctuating between an intra-week high of $0.00001084 and a low of $0.00000674.
This can be attributed to growing investor interest and optimism in the crypto market, led by Bitcoin’s new ATH bull run.
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However, the past 24 hours have seen a slight shift in momentum, with the price dropping to $0.0000087, testing support levels.
On the other hand, Bonk investors were quite optimistic after the announcement of the meme coin’s listing on Robinhood on 5 March.
Such listings typically have a positive effect on a token’s price. However, the market’s slight bearish turn over the past week has added a layer of uncertainty. The token was down by over 10% in the last 24 hours.
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According to Coinglass, Bonk’s funding rate increased while its value decreased over the past week. This indicated that derivatives investors were capitalizing on its lower price.
The token’s price declined below the critical 20 and 50 EMAs in the 4-hour (shorter) timeframe. Such a move usually points to a near-term bearish edge.
As a result, many investors are looking at early-stage meme tokens that still have a lot of potential to grow. Dogecoin20 is a new meme token presale that saw an explosive start within a day of its launch.
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Dogecoin20 raises over $200K within a day of launch
Dogecoin20 ($DOGE20) is a hot new meme token building on the legacy of Dogecoin with a focus on sustainability and passive income.
Unlike the original Dogecoin (which uses a proof-of-work model) Dogecoin20 operates on Ethereum with a proof-of-stake protocol. This mechanism ensures faster, more secure transactions and is significantly more sustainable than the PoW model.
The project raised over $200K within just a day of its launch, showing massive community traction.
Staking is at the heart of Deogecoin20. The platform’s staking mechanism allows holders to earn passive income by staking their tokens.
At the time of writing, early stakers can get a 2539% APY. However, this rate will decrease as more people enter the staking pool.
The platform has allocated 15% of its total supply for staking rewards. Of this, it offers 12.5% of the supply as staking rewards in the first year itself.
The platform’s tokenomics are designed to promote fairness and inclusivity. According to the Dogecoin20 whitepaper, the total supply of tokens is 140 billion, and 25% of the tokens are offered in the presale.
The project’s roadmap includes a fair presale, early staking rewards, and a DEX launch on Uniswap in the coming weeks. Interested buyers can join Dogecoin20’s Telegram group and follow it on X (Twitter) to stay updated.
Read more: Solana’s $150 surge shifts focus to DeeStream presale, Dogecoin whale’s 100x claim
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