Dogecoin is cryptocurrency’s original meme coin. Sporting that dapper Shiba Inu from the Reddit days of yore, this good boy uses some heavyweight CIA tech (SHA-256) to secure your meme coins over the network.
This week it crossed ten cents a token. Not bad for a coin that just years ago had to work in packs of a hundred DOGE together to fetch just one penny at market.
DOGE also has a history as a leading indicator of big rallies in meme coins. That might be why the Flockerz presale is moving so much $FLOCK in September.
More on Flockerz below, but Dogecoin and the meme coin market’s correlations are too connected to be coincidence.
The Big Doge Leads
Dogecoin price reached the ten cent milestone again this week and that’s big news for the meme coin market. DOGE tends to presage massive gains in meme coin markets.
As then “Big Dog” (now they just go by “Moon”), a popular X crypto trader analyst said in April 2021: “Doge starts altseason by the way in case you’ve forgot.”
Mr. Elon Musk, the CEO of Tesla and SpaceX was stirring the Doge pot back in 2021 as he is today. And an army of crypto traders moving through alt season were blowing the top off market caps that year as they are this year.
DOGE and Meme Market Correlations
So do meme coins like Dogecoin bear market correlations to traditional financial assets or major cryptos like Bitcoin and Ethereum?
They absolutely do.
Which means there’s more than just random luck, total guesswork, or basically online gambling involved for crypto traders who use publicly available market and news info and repeatable techniques to consistently flip Web3 tokens into cars, down payments on houses, and extra full time income streams.
A Crypto Markets report that appeared on its subreddit earlier this year said:
“Historical data suggests that memecoins frequently exhibit a high degree of correlation with Bitcoin. A nice proof of this can be seen in the last bullrun, when a number of memecoins reached several hundred million market cap, but once Bitcoin started to fall, many of them fell to almost zero.”
Memes tend to go up with big cryptos, so that crypto market rallies are generally a safer and more profitable time to buy. They also go down with the Web3 ship, so trouble in wider liquidity pools can signal a time to look for the exit.
A meme coin study from Marquette University found that meme markets bear a “moderate correlation with major cryptocurrencies and low correlation with traditional assets.”
According to $1.5 trillion asset manager Franklin Templeton earlier this year, “Meme coins exhibit a strong correlation between their price surges and the growth of user wallets on underlying blockchains despite lacking inherent value propositions.”
A Nasdaq article from March, entitled, “Should you buy meme coins?” concluded that meme coins can, “produce substantial gains if spotted in their early days.”
Flockerz Presale Rounds $215,000 In Early FLOCK Sales
As Doge fires on all cylinders and turns the pump, memes are flying off the exchanges. But traders looking for early stage meme alts to invest in are buying FLOCK.
In its presale stage FLOCK is only available out of the Flockerz Early Bird pool, directly from the blockchain mint to your wallet— at a special, pre-market price.
Get $FLOCK in early presale today.
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