Significant Increase in Dogecoin Trading Activity: Over $1 Billion in 24 Hours
The trading activity for the world's largest meme coin, Dogecoin (DOGE), has significantly increased, reaching over $1 billion in the last 24 hours. Data from IntoTheBlock shows that the large transaction volume, which is primarily dominated by institutional players and whales, estimates the total transaction volume.
This week has been a period of volatility for Bitcoin and the crypto market in general. Amidst strong fluctuations, the DOGE price has also undergone a significant correction, recording a drop of 5.65% at the time of writing, leading to a price of $0.1195 and a market capitalization of $17.36 billion. If the 50-day SMA acts as a support level, the DOGE price could experience a relief rally and target the 200-day SMA at $0.134. A sustained breakout could allow buyers to push the price above $0.14, initiating an uptrend towards $0.18.
Dogecoin Remains Strong: 75% of Holders in Profit Despite Consolidation
75% of Dogecoin holders are currently in profit. Although Dogecoin continues to consolidate, there are signs of a rebound. Data from IntoTheBlock shows that the majority of DOGE holders are currently in profit, despite the coin showing no significant movements. This is an important positive indicator, suggesting that the overall situation is not too bleak.
As the largest meme coin by market capitalization, Dogecoin consistently enjoys strong community support. The increasing profitability of holders is likely to boost confidence and could encourage more traders to invest, leading to significant gains.
Importantly, this metric indicates that DOGE is in a broader uptrend despite the ongoing consolidation phase. It is not in a downtrend as it continues to stay well above key support levels. The current stagnation is largely due to the general volatility in the crypto market.
Tech billionaire Elon Musk has once again revealed his fondness for Dogecoin, as reported by CNF. In a podcast, Musk discussed Bitcoin and other cryptocurrencies. Although Musk has previously expressed his support for Dogecoin, he stated that any promotion was just for fun.
