The Capybara token has gone down by 29.2% in the past 24-hours of trading, despite the Solana-powered token having soared through the week at 76%.

In the past day, the Capybara(CAPY) token has slid down by 29.2% according to data from crypto.news. The animal-themed token is currently trading hands at $0.002478.

Despite the downhill slope it is currently in, CAPY has been on an upward trend in the past seven days, with its price going up by nearly 80%. The Solana-based token has even seen a 121.87% in the past month, but it seems its rally has come to an end.

The token featuring the adorable South America-native rodent has had an experience quite similar to other animal-themed meme coins such as MOODENG(MOODENG). Just a few days ago on Nov. 22, CAPY went through a meteoric rise, reaching a new all-time-high of $0.0191521. But the token has since struggled to climb back up to its peak.

At the time of writing, the Capybara token’s trading volume stands at $4,538, decreasing by more than 50% compared to the previous day. Though, the token does not have a visible market cap, therefore it is nowhere near the cryptocurrency rankings. Not only that, CAPY also does not have any tokens on its circulating supply, despite its total supply amounting to 1 billion tokens.

On X, CAPY is being tweeted almost every minute along with other meme coins like CATI, HMSTR, DUCKS and DOGS. Most of these tweets seem to be automatically generated by bots using random accounts.

On the official website, Capybara World, the CAPY token is described as a community-driven token inspired by “the most peaceful animal in the world.” The Capybara token was launched in Dec. 2021, available for trading on Raydium and dexlab.

Over the years, the capybara has become one of the internet’s favorite animals. According to the South China Morning Post, there has been an influx of capybara content on various social media platforms like Instagram, TikTok and YouTube. The capybara is known for its laid-back and serene demeanor, becoming a symbol of peace and tranquility.

Cryptocurrencies stabilized a bit on Wednesday after slipping in the past two consecutive days. Dogecoin price rose slightly as traders anticipated Elon Musk’s DOGE success. One analyst predicted that the dog-themed coin would jump to $4.20 in the ongoing crypto bull run.

Analyst Predicts Dogecoin Price Could Hit $4.20

Dogecoin price has been in a strong uptrend in the past few weeks as it jumped by almost 500% between August 5 and November 23. This rally coincided with the broader uptrend in the crypto industry after Donald Trump won the election and appointed Elon Musk to lead the Department of Government Efficiency (DOGE).

In an X post, CEO, a popular crypto investor with over 511,000 followers, predicted that the DOGE price would jump to $4.20 in the ongoing cycle. If that was to happen, it would mean that the coin will rise by 976% from the current level. Such a move is possible in the crypto industry since DOGE has already risen by 160% in the past few days. If it happened, DOGE’s market cap would jump from the current $57 billion to over $613 billion. 

For this to happen, cryptocurrencies need to be in a strong bull run, which would attract a sense of greed in the market. Also, Bitcoin, the biggest cryptocurrency in the market would need to continue its uptrend. In most periods, altcoins like Dogecoin thrive when Bitcoin is in a strong rally. 

Other cryptocurrencies are highly bullish on the Dogecoin price. In a post, The Cryptomist noted that the coin was forming a falling wedge pattern. This pattern forms when an asset forms two descending and converging trendlines. It usually leads to a strong breakout when the wedge is about to converge.

DOGE Price Chart Points To Eventual Breakout

While talk of DOGE price surging to $4.2 is good, the most realistic situation is to first target the psychological point at $1. 

The weekly chart shows that the value of DOGE has been in a long bullish trend as it jumped for six consecutive weeks. In most cases, assets tend to take a breather after such a long bull run. 

It remains above the important resistance level at $0.2278, its highest point in March this year. Moving above that point invalidated a double-top pattern whose neckline was at $0.0836. The coin remains significantly higher than the 50-week and 200-week moving averages.

More Dogecoin price upside will be confirmed if it jumps above this month’s high at $0.4790. Such a move will raise the chances of it rising to its all-time high of $0.7393, which is about 87% above the current level.

This Dogecoon price prediction will become invalid if it drops below the key support at $0.2833, the 61.8% Fibonacci Retracement point. Such a move will raise the possibility of it dropping to $0.20.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.