Over the past week, several merchants bought Dogecoin (DOGE), leading to Elon Musk’s Saturday Night Live appearance as they were expecting a pump. However, the mention of Dogecoin during Musk’s monologue didn’t spawn the rally traders it was looking for and professional traders may have moved their positions on novice traders expecting a breakout.

Dogecoin fell to an intraday low of $ 0.41 today, down over 34% from the previous day’s closing price. Since then, the meme coin has tried a rebound and has soared to $ 0.54. The sharp drop in Dogecoin price shows that buying the hype can result in fluctuating volatility for no substantial reason.

Day view of crypto market data. Source: Coin360

On the flip side, Ether (ETH) has continued to build its uptrend, failing just under $ 4,000, while Bitcoin (BTC) has broken below the $ 60,000 mark again, indicating strong sales on every small rally. A few days of sectoral trading in Bitcoin is a positive sign as it could set the stage for the next stage of the uptrend.

Let’s take a look at the top 5 cryptocurrencies that could outperform in the short term as Ether tops the altcoin fee.