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Sonic (HOTDOG) has been a top gainer in the last 24 hours after gaining by 74%.
Despite the gains, HOTDOG is showing volatile price movements. It has already created an all-time high of $0.0114 but has since dropped by 29% from these levels.
At the time, HOTDOG was trading at $0.00776, and the current price movement shows that early investors might be rushing to take profits.
HOTDOG was trading at an all-time low of $0.00117 four days ago and has since rallied by 590%.
The token’s volatile price movement shows speculative behavior, as there have not been any significant developments. While the rally might continue because of the hype, a sharp correction is also likely.
The iconic gains have piqued the interest of crypto traders. The token was trending on the CoinMarketCap cryptocurrency tracking sites.
Is $HOTDOG in the Most Visited section on @CoinMarketCap🧐https://t.co/dSuRBmmcfo pic.twitter.com/qEfaZT6Tcc
— HOTDOG (@hotdogERC) August 26, 2023
The current behavior with Sonic is not new for meme coins. Most meme coins rally shortly after launch as investors rush to scoop up gains.
The gains are not sustained once selling activity kicks in.
HOTDOG Outperforms Broader Market
HOTDOG’s recent gains have seen the token outperform the broader market as most top-ten cryptos are trading in the red zone.
On August 24, HOTDOG was trading at $0.00817. The price witnessed a massive plunge on the same day to $0.00126.
The low price attracted some buying momentum, and by August 25, the token had rallied again to $0.00415. It gained again on August 26 to $0.00583.
A massive uptrend happened on August 28, with bulls pushing the price to record highs of $0.01142. Sellers entered these levels, and HOTDOG is now at risk of erasing the recent gains.
In the last 24 hours, HOTDOG has traded between $0.00416 and $0.01142, indicating high volatility. These price swings could continue as bulls and bears fight for control.
Bears Appear Ready to Take Over HOTDOG’s Trend
Bears might be taking over HOTDOG’s price movement, and a correction to the downside might be coming.
HOTDOG has a Relative Strength Index (RSI) 41, pointing to selling activity. The RSI line is also tipping south, indicating falling momentum.
The Awesome Oscillator also confirms the downtrend. It is negative, indicating that bears currently have an advantage.
New Meme Coin Sonik Rallies to $612,000 In Presale
Most meme coins are speculative and usually fail to hold gains because of a lack of utility. However, Sonik Coin has set itself apart.
Sonik Coin is the new cryptocurrency in the market. The Presale has raised more than $612,000 from investors. The project is working towards attaining a $100 million market cap.
The project is inspired by Sonic the Hedgehog, but the two are not affiliated.
The Presale is ending in eight days or until it is sold out. 1 SONIK token is trading at $0.000014.
According to the whitepaper, the Sonik ecosystem will include a staking platform where users can earn rewards.
The SONIK token holders will benefit from the state-to-earn model by depositing in a staking smart contract.
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