SHIB is up 20%, DOGE 5% as traders continue to chase meme coins. thesamreynolds reports.
which suggested that Dogecoin serves as a contrarian indicator to the market, prompting investors to trim bullish positions.
"Every time that [the] price of DOGE starts rising rapidly, there's a market-wide crash following just moments later," the firm wrote. While bitcoin continues to outperform DOGE, one has to wonder if new meme tokens like SHIB and BONK will validate this thesis and bring the market to the dogs.
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