Is AIDOGE the Steroid-Boosted Version of Dogecoin?
The price of ArbDoge (AIDOGE) has been declining over the past few weeks, following the forecast that was previously mentioned. In May 2023, the price surged to $0.000000001118, resulting in significant gains for meme coin holders. However, those who entered late are now finding it difficult to sell their holdings.
The cryptocurrency market as a whole is experiencing selling pressure, with Bitcoin (BTC) falling below the psychologically significant level of $25,000. This has had a negative impact on the price of ArbDoge, which has plummeted by 6.1%.
ArbDoge AI, as the name suggests, is a cryptocurrency that combines the “dogcoin” narrative with artificial intelligence (AI). This unique concept has contributed to its price surge, with a current market cap of approximately $25.4 million.
However, the rise of new meme coins in 2023 has affected the performance of AIDoge. Even older meme coins like DOGE, SHIB, and Kishu Inu have struggled to gain market share during this meme coin season. Investor sentiment in the meme coin market appears to be shifting towards a more cautious approach.
The price of AIDoge has met the bearish target of $0.000000000149, following the formation of a symmetrical wedge pattern. In the short term, there may be a potential bounce from this level. However, if the price breaks below the major support level of $0.000000000130, it could trigger another significant downside movement. Investors holding ArbDoge AI are advised to monitor the price action around this level closely.
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