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Dogecoin’s price had fallen by 12% in the previous 24 hours as of the time of publication. Though DOGE did not fall as a result of them, it is worth noting that many copycat ventures on other ecosystems, such as Binance Smart Chain and YFI, have been launched in recent days.
DOGE, for what it’s worth, is also Proof of Work. Another newly released copycat project, the Shiba Inu coin, is being hailed as a “Dogecoin killer,” owing to its offering of 1900 percent returns in a week. WOOFY on YFI, for example, propelled the altcoin to an all-time high of more than $88,000.
Furthermore, YFI’s rally, along with other top DeFi projects, kicked off DeFi Summer Round 2, and DOGE’s copycat projects, among other things, are pushing this rally.
DOGE’s social volume has increased after a decrease from its height on May 9, 2021. The rise of social volume is a critical element in the introduction of related initiatives. Altcoins are expected to rebound from the recent price decline as a result of DOGE’s price rally and the introduction of related ventures. SHIB has a high social volume of related ventures and has recently dominated Crypto-Twitter. Following a roughly 30 percent decrease in price, SHIB’s price is expected to rebound with an uptick in social volume and inflows.
KISHU, SAMO, BSHIBA, KEANU, and ASS are currently available on exchanges as “dogs” or meme-coins. These ventures are almost sufficient for a simulated zoo portfolio with a high short-term ROI. The main factors behind their price rally are social scale, on-chain sentiment, and trade volume.
Furthermore, short-term ROI is currently the most powerful motivator of the meme-coin hysteria. Another aspect that has influenced them is their high market capitalisation and recent ATHs. Along with the rally in DeFi ventures, retail traders are expected to exit meme-coins after realising short-term profits.
The big question here is whether these programmes will last 90 days, six months, or a year. Is this the culmination of meme-coins as we know them? Consistent demand across exchanges, increased trading speed, and reliably strong short-term ROIs are needed for the meme-coin rally to continue. Despite the fact that the price of most altcoins has dropped, a rebound is still possible, particularly because 87 percent of DOGE HODLers are currently profitable.
Profitable HODLers are expected to continue HODLing, bolstering bullish momentum and avoiding selling pressure. In any event, DOGE clone ventures and the prospect of strong short-term ROIs are likely to fuel this rally.