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- Degen’s value rose 40% between June 18 and 19.
- As profit taking intensified, the token price returned to its lowest level ever.
Meme Coin Basic Dough [DEGEN] Its price has witnessed a significant decline in the past few days. This decline comes after a 40% rise in its value between June 18 and 19.
according to Coin Market Cap According to the data, on June 18, the price of the DEGEN cryptocurrency fell to an all-time low of $0.0074. However, the return of the public meme market that day made DEGEN the focus of attention of many traders.
the gathering
As gathered on the series, her social activity rose to an all-time high that day. according to saintDEGEN’s social dominance reached 17.92%, while its social volume reached 2,970 on June 18.
Source: Santiment
An asset’s social dominance measures its share of online discussions that specifically mention it compared to the total discussions of the top 100 cryptocurrencies by market cap.
This showed that on June 18, discussions about DEGEN made up 17.92% of all online cryptocurrency conversations. The token was also mentioned 2,970 times that day.
Market sentiment turned bullish as traders started to “monkey” on the meme coin.
For context, prior to June 18, currency weighted sentiment had been bearish since May 18. However, on June 18, DEGEN weighted sentiment rose to an all-time high of 2.75.
Source: Santiment
Landing
Increased trading activity between June 18 and 19 pushed DEGEN’s price above $0.01. With many holders making profits at this point, selling soon began. At $0.0097 at press time, the value of the meme has since fallen by 14%.
AMBCrypto’s assessment of price movements on the daily chart confirmed the possibility of further decline in the value of the memecoin.
The points that make up DEGEN’s Parabolic Stop and Reverse (SAR) indicator settled above their price at press time. They have been positioned this way since June 6, even during DEGEN’s double-digit price rise between June 18 and 19.
The Parabolic SAR indicator of an asset measures the direction of the trend and potential reversals. When its points lie above the price of the asset, the market is said to be in decline. It indicates that the price of the asset has declined and may continue.
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Confirming the strength of the decline, DEGEN’s Aroon Down Line stock reached 78.57%. This indicator measures the strength of an asset’s trend and identifies potential price reversal points.
Source: Trading View
When the bottom line approaches 100% like this, it indicates that the downtrend is strong and the recent bottom was reached relatively recently.
