This article was paid for*
The Wormhole (W) token price is up 15% today, making it one of the top gainers among the top 100 cryptocurrencies by market capitalization. In a generally boring market, a 15% gain is certainly noteworthy. We’ll explore the reasons behind this pump.Â
Simultaneously, Dogeverse, a new multi-chain meme coin, has raised over $11 million in its crypto presale within a few weeks and recently added support for purchases on Base, Avalanche, Solana, Polygon, and BNB Chain, alongside Ethereum.
What’s Behind the Wormhole (W) Price Pump?
Last night, the official Wormhole team announced that the W token is now natively multi-chain using the Wormhole Native Token Transfers (NTT) framework. Native W is now available in SPL format on Solana and ERC20 format on Ethereum, Arbitrum, Optimism, and Base.
This is decent news for W as it increases its availability on multiple networks, making it accessible to a broader range of traders.
What’s Behind the Wormhole (W) Price Pump?
On the W/USDT chart, we can see that over the past two weeks, this coin has been trading in a sideways channel between the $0.5 and $0.73 area. Despite today’s pump, W is still within this channel.
The Relative Strength Index (RSI) is currently at 38, indicating a neutral market sentiment, neither overbought nor oversold.
A Moving Average Convergence Divergence (MACD) measures the relationship between two moving averages of an asset’s price.
The MACD line and MACD signal line are currently neck and neck, but the trend suggests that the MACD signal line might cross below the MACD line later today.
This is known as a bearish crossover and can indicate a potential shift in momentum from bullish to bearish in the near future.
For W to gain strong upward momentum, it needs to break out of the sideways channel and surpass the $0.7-$0.73 area. Clearing this resistance level could potentially open the door for further upside, as it would signal a change in the prevailing trend from sideways to upward.
However, the current indicators, particularly the potential bearish crossover on the MACD, are not particularly promising for sustained upward momentum.
If the MACD signal line does cross below the MACD line, it could suggest that the recent pump may be short-lived, and W could potentially retrace back towards the lower end of the sideways channel around $0.5.
Ultimately, the direction W takes from here will depend on its ability to break out of the current range and overcome key resistance levels. If it fails to do so and the bearish MACD crossover materializes, W could potentially consolidate further or even correct lower in the near term.
Dogeverse: A New Multi-chain Meme Coin
Dogeverse is a new meme coin currently in its crypto presale that launched a few weeks ago and has already raised over $11 million. Dogeverse ($DOGEVERSE) is a meme crypto project that aims to bring together different blockchain communities through a shared love for Dogecoin and the power of memes.
Dogeverse is designed to be a multi-chain meme coin, currently operational on Ethereum, BNB Smart Chain, Polygon, Solana, Base, and Avalanche. This multi-chain compatibility is a key differentiator, as it allows Dogeverse to potentially achieve wider adoption compared to meme coins limited to a single blockchain.
One of Dogeverse’s key features is its staking rewards system. Investors can stake their $DOGEVERSE tokens with an estimated annual reward of 100% according to their website. Currently, over 16 billion DOGEVERSE tokens have already been staked.
The Dogeverse presale has a structure with price increases built-in, either every three days or upon reaching certain fundraising milestones.
Notably, 25% of the 200 billion $DOGEVERSE token supply is earmarked for marketing, indicating a strong focus on driving community growth and adoption. This is important as a strong community is crucial for the success of a meme coin project.
Conclusion
While the Wormhole (W) token’s price pump is notable, it is still trading within a sideways channel, and the indicators are not particularly promising for sustained upward momentum. For W to gain significant traction, it needs to break out of this channel and surpass the $0.7-$0.73 resistance level.
Dogeverse, a new multi-chain meme coin, has already raised over $11 million in its crypto presale within the first few weeks. Its multi-chain compatibility, staking rewards system, and strong focus on marketing indicate potential for growth and adoption. However, as with any early-stage meme coin project, the success of Dogeverse will largely depend on the strength and engagement of its community and marketing efforts.Â
*Cryptonomist did not write the article or test the platform.
 token price is up 15% today, making it one of the top gainers among the top 100 cryptocurrencies by market capitalization.){kind=link}