Dogecoin (DOGE) Surges Towards $0.08, Best Performer in the Crypto Top 50
- Dogecoin broke above its 50DMA on Monday and is the best top 50 crypto performer in the last 24 hours.
- Tron is the second-best top 50 performer, up 8% in 24 hours and above its 21 and 200DMAs.
- Sandbox was the worst-performing top 50 crypto amid profit-taking, though still looks bullish.
Dogecoin broke higher on Monday, surpassing its 50-Day Moving Average for the first time since late April. DOGE/USD, which is currently changing hands at just under $0.08, is up more than 10% in the last 24 hours as per CoinMarketCap data, making it the best performing cryptocurrency in the top 50 by market cap. Dogecoin has also seemingly broken above a downtrend in play since mid-May, though remains on course to post a monthly loss of around 9%.
The latest run higher means Dogecoin is up more than 55% from earlier monthly lows, as stabilization in broader cryptocurrency markets fosters an improvement in sentiment of the more speculative meme coins. A clean break above the 50DMA sets the stage for further upside towards the key $0.10 level which formed a pivotal top back in early 2021 prior to the rapid surge towards $0.75 per token.
Tron is the next best performing crypto in the top 50 by market cap on Monday and was last up close to 8% in the last 24 hours as per CoinMarketCap data. TRX/USD was last trading around $0.07, its highest since in two weeks and back above its 21 and 200DMAs. The cryptocurrency has recovered 50% from its earlier monthly lows below $0.05.
Broader stabilization in the crypto space is helping the cryptocurrency to recover recently lost ground. But another tailwind is likely the success that the Tron’s USD-pegged algorithmic stablecoin USDD in regaining its peg in recent days. USDD was last around $0.985, which doesn’t sound great, but the “stablecoin” fell as low as $0.92 as recently as 19 June.
Many feared that USDD, which keeps its peg to the buck via a similar mechanism to Terra’s ill-fated UST, would collapse just like its deceased sister token UST. This could hypothetically create selling pressure in TRX, just as UST’s collapse did with LUNA. The fact that this even has (for now) been avoided is probably helping TRX.
With TRX/USD having broken above key resistance, so long as crypto markets continue to stabilize, the pair is in with a decent shout of rallying back to early June levels in the $0.08-$0.09 area and maybe even a test of recent highs in the $0.09s.
The native token of Ethereum-based decentralized metaverse platform The Sandbox (SAND) was last trading with losses of just shy of 5% in the last 24 hours on Monday, as per CoinMarketCap, with SAND/USD trading near $1.25 per token. That makes it the worst-performing top 50 cryptocurrency. Sunday saw the pair drop nearly 8% amid profit-taking following seven successive sessions. Indeed, SAND is trading more than 70% above earlier monthly lows under $0.75 per token.
Crypto market stabilization has played a role in SAND’s recent upside. But crypto analysts are also citing “takeover” rumors after the likes of Meta Platforms, Microsoft and other tech giants looking to expand into the metaverse space announced the so-called “Metaverse Standards Forum”.
Of course, it’s all just speculation. But this is the primary force driving crypto. As SAND takes a breather following recent gains, bull will continue to eye a near-term test of mid/late-May highs in the $1.50 area. But first, the token will need to muster a clean break above its 50DMA (currently just under $1.22), which it hasn’t managed just yet.