Dogecoin (DOGE) Skyrockets 15% as It Eyes Pivotal Milestone

by

As a researcher with a background in cryptocurrency and market analysis, I’ve been closely monitoring the recent trends in the crypto market, particularly for meme coins like Dogecoin (DOGE). The broader market meltdown has caused significant selling pressure, leading many investors to explore safe-haven assets or liquidate their holdings.

In the wider cryptocurrency market downturn, Dogecoin (DOGE), the meme coin with a dog theme, is displaying indicators of bullish support.

Dogecoin systemic rebound

In recent days, the crypto market has experienced significant selling pressure, leading many investors to seek safe havens for their digital asset investments. Some traders and large investors (whales) have responded by selling off their holdings to protect any remaining profits. On Thursday, data from CoinGlass indicated that Dogecoin was the most actively sold meme coin during this period of liquidation.

In just one day, over $4 million worth of DOGE altcoins were liquidated, which represented a sizeable amount for Dogecoin. This event brought the total DOGE units that were liquidated up to 41,554,054. On the positive note, this quantity paled in comparison to Bitcoin‘s (BTC) $90.06 million worth of liquidation during the same timeframe. Furthermore, the liquidation resulted in a price decrease of 7.89% for Dogecoin, causing its value to dip down to $0.1121 within a 24-hour period.

As a crypto investor, I’ve noticed some exciting developments within the last 24 hours regarding DOGE, the dog-themed meme coin. The market value of this asset has experienced a significant surge, resulting in a 15% increase. Currently, DOGE is trading at $0.1082. Although this rise doesn’t yet make up for its recent losses, it’s an encouraging sign that big buyers are expressing confidence in DOGE’s potential to bounce back soon.

As a researcher studying this particular recovery, I can propose that it may quickly reach the next significant achievement of surpassing the 100 million address threshold. Not long ago, it crossed the 90 million mark, according to U.Today’s recent report.

Dogecoin sees critical demand zones

According to U.Today’s recent report, DOGE has encountered a significant support level. This demand area can be found within the price range of $0.081 to $0.099. In this specific price range, approximately 1.14 million addresses have purchased around 11.36 billion DOGE coins.

In the price range of $0.07 to $0.081, there exists a substantial amount of Dogecoin ownership. Specifically, approximately 23.72 billion DOGE are controlled by around 1.16 million individual addresses.

Significantly, the latest increase in DOGE‘s price may attract additional investors to the community in the upcoming days. Should this occur, further price surges are possible.

Read More

2024-07-06 15:05