Snoop Dogg is everywhere. That man has gone through so many revamps that we have lost count. Now, he is back in the news for his involvement in a new crypto venture. Snoop’s involvement and media engagement have positively increased the trading volume of AltcoinGordon.
This has made traders alert about the coin’s performance. As a result, veterans are suggesting that newcomers keep an eye out for the token’s performance. Then again, memecoins are infamous for their heightened volatility. Therefore, traders must also factor that in.
Even though social analytical tools are showing a positive uptick due to Snoop’s involvement, there is some contention about the coin’s future performance.
Future Analysis
Snoop’s involvement with AltcoinGordon has immediately made the memecoin a popular name in the landscape. This weird collaboration between the hip-hop icon and the meme coin is not something anybody anticipated or thought about. Still, that did not stop investors from rushing in and getting in on the profit.
The token is even believed to be organizing an event called Snoop Knows. Interestingly, Snoop will be discussing investment and blockchain. This is not just significant for AltcoinGordon, but for the landscape as a whole.
Could this be the inception of celebrity-driven marketing of crypto tokens? There is already a memecoin named after the US president, Donald Trump. Therefore, the market is gradually evolving into a robust and organic entity.
Trading Analysis
From a technical standpoint, there are indications that Snoop’s endorsement is paying off well for the token. There is a market-wide surge in different tokens. For example, DOGE, a token that shares a moniker with the rapper, is seen to have grown significantly. The 4-hour chart of the token indicates that it is currently trading at 68. This suggests that the token might be reaching an overbought stage.
If DOGE sustains this position, the token may demonstrate some volatility. However, the scale of the volatility is still a topic of contention. The overall MACD of the token indicates a bullish crossover. If this trend continues, the token may surge and reach an entirely new high.
In Other News
In other news, BTC’s correlation with DOGE suggests that the latter’s price action is highly dependent on the price action of the memecoin landscape. Meanwhile, the AI-driven token has not been affected by the rapper’s tweet. Then again, there is an industry-wide trend that has been observed right after Snoop Tweeted.
If this trend continues, influential individuals will likely have the ability to sway the market with their opinions in the future. This may not seem significant at first, but it can certainly introduce a certain level of volatility to the market. This can work like a double-edged sword that cuts both ways.
