Dogecoin Prices Stabilize: Is This a Signal of Strength?

The first, and perhaps most highly touted meme token, Dogecoin (CRYPTO: DOGE), has been on a wild ride in recent weeks. However, the moves this cryptocurrency token has made over the past 24 hours are noteworthy.

On Sunday, the dog-inspired cryptocurrency rose in early morning trading on bullish momentum across the sector. The price of Bitcoin (CRYPTO: BTC) and other mega-cap cryptocurrencies spiked, sending the entire sector higher. However, since then, DOGE has traded back to the $0.26-per-token level at the time of writing.

The price action for DOGE has been relatively range-bound in recent days. Investors appear to still be digesting bullish catalysts such as Elon Musk's DOGE-1 satellite launch and the potential acceptance of this meme token as payment by AMC Entertainment Holdings.

Source Fool.com