The “meme coin” mania remains alive and on fire among the crypto sphere, with Shiba Inu (SHIB) and Floki Inu (FLOKI) as the trending topics. Still, both are directly tied to Dogecoin (DOGE), and discussions arose about it.
Elon Musk, the eccentric billionaire and CEO of Tesla, kept the discussions on several tweets surrounding DOGE, specifically by engaging with discussions via Twitter with Billy Markus, a co-founder of Dogecoin.
Under the pseudonym of “Shibetoshi Nakamoto,” the co-founder reminded people that quick-rich mindsets in the cryptocurrency sphere are set not to last too long because the hype is poised to fade away quickly.
As a result, cryptos could dump quickly, but once another wave of hype appears, people jump into it, and the cycle repeats itself, but he clarified that it means nothing. In response to Markus’ tweet, Musk supported these words by just replying with “Hype^Hype.”
Distancing From The Shiba Inu Project
But the Dogecoin co-founder had also been quite active during the last few weeks amid the bull-run witnessed in SHIB, and on November 4, he issued a brief statement commenting that he has nothing to do with the Shiba Inu project.
In fact, he claims that people from the Shiba Inu community had flooded his email (via the website’s contact form) with several spam messages about his alleged involvement or ties with SHIB. Markus co-founded the Dogecoin Project in 2013.
Picking Momentum Around The 200-SMA
As of press time, according to CoinMarketCap’s metrics, DOGE exchanges hands at $0.26, having a market capitalization of over $34.31 billion and posting a 24-hours volume of over $1.82 billion.
When SHIB holders saw how the token hit all-time highs above the $0.000070 threshold, a massive take-profit wave took place, witnessing a funds’ moving into DOGE that eventually pushed the meme coin to test the $0.34 level.
Currently, the DOGE price is hovering around the 200-period simple moving average at the H4 chart, where it previously found dynamic support at the end of October.
If the meme coin gathers momentum and picks new bids around that area, Dogecoin could crack above the resistance level of $0.28 to skyrocket towards $0.32 in a first degree, followed by the $0.34 level.
However, if the 200 SMA gets neglected by the bears, doors will open for the crypto to reach the support area of $0.22 to hit the $0.19 zone later.
This article was originally posted on FX Empire