According to analytics tool IntoTheBlock, Dogecoin (DOGE), the popular meme currency, could potentially hit a new peak.
A quirky digital currency that mimics Bitcoin, and is well-known for its humor, has experienced a significant increase of over 10% within the last month. This growth surpasses that of certain notable alternative coins.
To reach new peaks, the meme coin must successfully surpass the $0.20 mark initially.
Based on information from IntoTheBlock, approximately 32,000 wallets contain around 4 billion Dogecoin tokens, which are currently worth less than their original purchase price.
Currently, the popular meme cryptocurrency is being traded for around $0.18 on prominent exchanges, based on information from CoinGecko.
Even at current prices, 80% of Dogecoin holders are making money, according to IntoTheBlock.
With that being said, it is worth mentioning that various on-chain signals, including net network growth and concentration, are currently flashing red. However, the bid-ask volume imbalance on exchanges is in the green area.
This afternoon, Dogecoin reached a high of $0.2047. But its value dropped to $0.1868 as Bitcoin weakened. The value of Bitcoin tumbled from over $72,000 earlier today to $68,207.
Cryptocurrency traders are currently gearing up to respond to the upcoming CPI inflation figures set for release on Wednesday. If these numbers come in under estimates, it could serve as a significant boost for popular cryptocurrencies like Dogecoin. This is because such an outcome would make it more probable that the US Federal Reserve will reduce interest rates, which could lead to increased demand and higher prices for these digital assets.
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2024-04-09 21:55