• Dogecoin price has gained approximately 20 percent YTD compared to FLOKI which has gained about 500 percent during the same period.
• Dogecoin and Floki have enjoyed tremendous support from tech billionaire Elon Musk.

Thursday the 23rd 2023, the meme coin industry led by Dogecoin, Floki, Shiba Inu, and Baby Doge Coin has attracted global crypto traders’ attention. According to the latest crypto price oracles, the meme coin industry enjoys a market capitalization of about $20.3 billion and a trading volume in the past 24 hours of about $1.1 billion. The high volatility nature of meme coins has attracted crypto whales, and small traders amid increased regulatory scrutiny on the crypto.

However, different meme coins have registered varying results in the past depending on the backing and liquidity. For instance, Dogecoin has remained the top meme coin due to the immense support from tech billionaire Elon Musk. Similarly, Floki (FLOKI) and Baby Doge Coin have enjoyed tremendous support from Musk the former recently named Twitter CEO. Shiba Inu (SHIB) on the other hand has received immense support from Ethereum co-founder Vitalik Buterin and the Indian crypto community after the original Covid donation.

Dogecoin Price Analysis

Dogecoin price is trading around $0.084920 today, down approximately 1.1 percent in the past 24 hours. The top meme coin enjoys a market capitalization of about $11,740,342,320 with over 5 million global holders according to on-chain data. As the second largest proof-of-work (PoW) secured blockchain, Dogecoin takes pride in a hashrate of about 676.26 TH/s and a mining difficulty of approximately 10.02 million.

Dogecoin price has gained approximately 20 percent YTD. However, the crypto asset is down approximately 88 percent from its ATH achieved almost two years ago during the 2021 bull market.

Since the rally induced by Musk’s acquisition of Twitter last year, Dogecoin price has consolidated around the same range with a wedge formation. Notably, swing traders are eagerly waiting for a breakout on either side but market analysts are warning of possible stop hunts and sudden changes of direction.

On the daily time frame, Dogecoin has received a golden cross after the 50 and 200 MA turn to a support line following a year-long bear market. 

Floki Price Action

Notably, the Floki has gained about 33 percent in the past seven days to trade around $0.00004912 on Thursday. Notably, the meme coin enjoys a market capitalization of approximately $484,367,002 and a 24-hour trading volume of about $85,421,960.

Interestingly, Floki price on the daily time frame depicts more upsides if the momentum sustains in the coming weeks. Moreover, the price has been respecting higher highs and higher lows, a characteristic of a rising trend.

Nonetheless, the meme token has a long way to obliterate the 85 percent loss registered after hitting ATH over a year ago.