Dogecoin (DOGE) could be on the verge of hitting new highs as the cryptocurrency market gradually recovers from losses accumulated last week. At the time of writing, data from CoinMarketCap sample that Dogecoin is trading at $0.08097, down 2.01% in the last 24 hours.
Dogecoin (DOGE) could be on the verge of hitting new highs as the cryptocurrency market gradually recovers from losses accumulated last week. At the time of writing, data from CoinMarketCap sample that Dogecoin is trading at $0.08097, down 2.01% in the last 24 hours.
This price mark, although still in the bearish zone, is an improvement compared to the over 4% loss printed earlier in the day. While the outlook for peripheral data shows pessimism, crucial market data from IntoTheBlock (ITB) signals a fundamental shift that could spark a mega rally in the long term.
ITB data shows a change in both whale addresses and daily active wallets on the network. Whales are making waves in Dogecoin right now, with a total traded volume of $1.07 billion, up 17.38% in 24 hours. Daily active addresses have leap 0.6%, with a total of 57,180 registered at this time.
Dogecoin has been an attractive force for retail buyers over time; However, the dramatic change you are seeing right now will likely be driven by the whales due to their relative consistency in maintaining the uptrend.
Dogecoin will follow the revival of meme coins
Dogecoin, as an independent digital currency, may not see enough traction unless the collective hype over meme coins is capitalized on, its propensity to reach new heights could be eroded. Dogecoin’s current price is more than 88.9% below its all-time high (ATH) of $0.7376.
The fundamentals are ripe for a retest of this level as it is also set to benefit from the Bitcoin exchange-traded fund (ETF) products recently approved by the US Securities and Exchange Commission (SEC).
With $0.01 acting as the ultimate barrier, a break above this level in the long term could herald new possibilities in the coming months.
