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Dogecoin (DOGE) and Pepe (PEPE) prices dip as Wall Street Pepe (WEPE) storms the stage with a record-breaking $25M presale.
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Throughout 2024, crypto enthusiasts have been speculating and passionately debating about the meme coin supercycle and how long it could last.
While many meme coins saw price growth as Bitcoin broke past $100,000, the likes of Dogecoin and Pepe have since dipped, with DOGE down 10% on the weekly chart and PEPE down 14%.
However, a brand-new meme coin – Wall Street Pepe (WEPE) – has raised $25m in a very short period. This is an incredible achievement that marks WEPE as one of the fastest-growing presales, a clear sign that the meme coin supercycle still has a lot of staying power.
DOGE progress stalls
From the chart below, DOGE bulls will be keeping an eye on DOGE’s ascending triangle. However, at this point, DOGE has spent over a week dipping towards the green diagonal trend line – and if the price breaks through it, traders and investors will turn their attention to the support levels below.
Two psychological price levels stand out due to high wicks emerging from a couple of past daily candles. These are $0.30 and $0.22 – and if the DOGE price falls to $0.22 from its current value, that will be a dip of approximately 44%.
Even though we are in a bull market and the meme coin supercycle theory remains plausible, all market cycles involve dips and corrections as well as pumps and other bullish movements. So, although $0.30 might prove a sufficiently strong support level to enable a bounce and bullish continuation, $0.22 is a good level to look at for investors who want
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