After the early December bull run that saw virtually all cryptocurrency prices reaching new highs, a market correction is currently happening. This has seen the Bitcoin price struggling to maintain support around $100K. But meme coins like Dogecoin (DOGE) are also affected. The latest Dogecoin news shows optimism remains among DOGE investors, though.
Meanwhile, Floki (FLOKI) has fallen by around 25% in the past month. That’s why investors are locking in Lunex (LNEX), a new decentralized finance (DeFi) token that has raised over $5.3 million during its presale. Let’s find out why experts tip Lunex as the best crypto to buy now.
Dogecoin investors are bullish despite price dip
DOGE remains the largest meme coin by market cap, and the coin has had a good run this year. However, after reaching a year-high of around $0.48 in late November and reclaiming the price in early December, the DOGE price has dipped to around $0.40 at the time of writing. According to the latest Dogecoin news, the fall in the DOGE price is largely a result of the general regression in crypto prices after a market correction.
Interestingly, DOGE investors are unbothered by the recent developments. The DOGE technical analysis shows that they’ve been buying the dip. Moving averages (MA) suggest Dogecoin investors share a “strong buy” sentiment, and they remain unfazed by the recent price decline.
Floki loses steam after market correction
Floki is another meme coin facing resistance following the recent market correction. Though the FLOKI price was up by around 27% during December, its accumulated gains have been depleted in recent weeks. The FLOKI price surged to $0.00029 in late November, causing shouts that the meme coin was set to smash its 2021 all-time high price of $0.00034.
However, the FLOKI price has now dropped to around $0.00019 at the time of writing. It lost the momentum it had earlier in the month when it was inthe green zone, surging by around 28%.
Utility tokens are poised for better gains than meme coins
While meme coins like DOGE and FLOKI have returned significant gains in the past, they seem unlikely to maintain their bullish trends, considering the ongoing market resistance. That’s because they are meme coins, which have their values sustained by social media hype. Their lack of real use cases remains a challenge, making them more risky investments than utility tokens backed by real-world projects.
One of these tokens is Lunex (LNEX), a new DeFi token powering the Lunex Network. Having raised over $5.3 million during its ongoing presale, experts believe Lunex has what it takes to challenge established meme coins like DOGE and FLOKI. One of its major drivers will be its multi-chain bridge and exchange, which allows seamless and low-cost cross-chain transactions across major blockchains like Bitcoin and Ethereum.
It also supports the trading of over 50,000 cryptocurrency pairs on its decentralized exchange (DEX). Additionally, Lunex token holders can participate in its staking opportunity and earn up to 18% annual percentage yield (APY). The various use cases make Lunex the best crypto to buy now. Interested investors have a limited time to lock in some Lunex tokens at $0.0046 before subsequent price increases as the presale progresses.
You can find more information about Lunex Network (LNEX) here:
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