recent dip below $61k has created a chance for traders to scoop up memecoins at bargain prices. This has set the stage for savvy investors to capitalize on potential short-term gains.And yet, despite this underperformance, analysts are buzzing with speculation that DOGE might be primed for a significant rally, ready to steal the spotlight back from its newer competitors.DOGE began October with a bearish pullback, registering a daily low exceeding 3%.
If the meme cycle keeps its hype, these investors could still see future gains, with FOMO potentially driving long-term profitability. Put simply, DOGE, the largest memecoin by market cap, is feeling the pressure from rising rivals, threatening its dominance in the market.A memecoin is typically deemed “bottomed out” when its price hits a low, allowing investors to accumulate before a potential reversal.
However, a subsequent buy of 50 million tokens boosted DOGE’s price, keeping it rising for most of the month.Since then, net flows have remained mostly negative – A sign of a potential accumulation phase.