Meme Coins DOGE, WIF Surge Amid GameStop Buzz; Investors Cautioned

Share on Facebook Share on Twitter

The Essentials in Brief

In the last 24 hours, the meme currencies Dogecoin (DOGE) and Dogwifhat (WIF) have recorded remarkable price gains, partly due to the activities around the GameStop stock. The entire meme-coin market experienced a trading volume of 8 billion US dollars, which corresponds to a growth of over 170%. While DOGE increased by 10%, WIF was even able to rise by 11%. But what exactly is behind this development, and what does it mean for investors?

GameStop and the Impact on Meme-Coins

The recent price movements in the meme-coin market were triggered by a tweet from Keith Gill, better known as Roaring Kitty. His post on Twitter, which represented his first sign of life since 2021, led to a rise in the GameStop stock of more than 100% within 24 hours. This dynamic also transferred to the meme-coin market, where in particular DOGE and WIF were able to record significant price gains.

DOGE and WIF: Two Different Trajectories

DOGE experienced a rise of 10%, with the price bouncing off the support at 0.14 US dollars and now trying to break through the resistance at 0.16 US dollars. However, the key indicators suggest that a sustained demand for DOGE is still pending. The Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) are in a neutral position, indicating that demand does not yet exceed supply.

WIF, on the other hand, shows a stronger performance with a rise of 11%. WIF’s key momentum indicators are above their respective center lines, indicating increasing accumulation. The rise above the 20-day Simple Moving Average (SMA) signals a possible start of a bullish trend.

What Does This Mean for Investors?

The recent developments around DOGE and WIF provide interesting insights into the dynamics of the meme-coin market. In particular, the reaction to external events such as the movements of the GameStop stock shows how quickly moods and thus prices can change. Investors should take this volatility into account and carefully weigh their investment decisions.

Our Assessment

The recent price gains of DOGE and WIF underline the importance of meme-coins in the crypto market. While the short-term prospects appear promising, especially for WIF, the market remains highly speculative and volatile. Therefore, investors should pursue a well-diversified strategy and only invest a portion of their portfolio in such speculative assets.

Sources:

– AMBCrypto
– CoinMarketCap

Share on Facebook Share on Twitter

The 3 best crypto casinos

100% without limit + 100 Free Spins
Welcome bonus
Cryptocurrencies (11)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Ripple XRP Logo
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
CoinKings review
Bonus Information CoinKings
Wagering requirements 35x bonus
35x free spins winnings
Minimum deposit €20
Maximum bet €5
Bonus validity 14 days for deposit bonus
7 days for free spins
  • There is no maximum bonus amount.
  • 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
How did we rate this casino

In addition to an unlimited bonus, Coinkings.io has a lot to offer. We have a high tolerance for VPNs, an impeccable selection of cryptocurrencies and, above all, an experienced team that immediately provided a wide range of games. In combination, all of this is very convincing.

Author & Responsibility: Gregor Ziegler
Last update by Isabella Brown on 10. June 2024
Anjuan Gaming
Anjouan
Licence
Curaçao License
Curaçao
Licence
Up to 1 BTC + 100 Free Spins
Welcome bonus
BETSFTD
Cryptocurrencies (24)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Chainlink_Logo
  • dai-logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Polygon (MATIC) Signet
  • Ripple XRP Logo
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
  • Zcash Signet (black)
Bets.io review
Bonus Information Bets.io
Wagering requirements 40x deposit + bonus
40x free spins winnings
Minimum deposit 0.00034 BTC or equivalent
Maximum bet 0.00003 BTC or equivalent
Bonus validity 30 days to claim
14 days to wager
  • Minimum deposit: 0.048 BCH • 0.0068 ETH • 0.26 LTC • 154 DOGE • 20 USDT • 40 XRP • 180 TRX • 48 ADA • 0.04 BNB • 20 BUSD • 20 USDC.
  • Maximum bet per round: 0.005 BCH • 0.0007 ETH • 0.03 LTC • 15 DOGE • 2 USDT • 4 XRP • 19 TRX • 4.8 ADA • 0.004 BNB • 2 BUSD • 2 USDC.
  • Free spins are credited on “Max Miner” by Gamebeat, 20/25 free spins per a day.
How did we rate this casino

Bets.io is our number 1 among crypto casinos because they have kept everything great about Dama Casinos, such as their excellent game selection and well-known reliability, while eliminating the frustrating KYC processes and traditional payment methods that can hinder the full crypto casino experience.

Author & Responsibility: Steven Harper
Last update by Isabella Brown on 19. June 2024
Curaçao License
Curaçao
Licence
100% up to 1 BTC
Welcome bonus
Cryptocurrencies (9)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
Metaspins review
Bonus Information Metaspins
Wagering requirements 40x bonus
Minimum deposit 0,1 mBTC
Maximum bet $5 per spin
Bonus validity 7 days to wager
  • There is no cap on winnings or withdrawals.
How did we rate this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Author & Responsibility: Isabella Brown
Last update by Michael Schmitz on 14. June 2024
Curaçao License
Curaçao
Licence

Latest News

Created by

I have enjoyed following the international iGaming industry since my first encounter at the age of 23. Fascinated by its diversity and complexity, I was hooked and have never left the industry since. Here at KC, I am a proud member of the founding team as well as the content team. We use everyone's knowledge to find every possible flaw in a casino so you can relax and play.
Reviewed by
Nerd of Numbers

Last update: 11. June 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.

Compare Casinos Choose up to 3 casinos to compare