The cryptocurrency market is showing signs of recovery, and Dogecoin (DOGE) is leading the charge among meme coins. After hitting multi-month lows, DOGE has rebounded with an impressive 12.67% surge in the past 24 hours, pushing its price to $0.3379. On-chain data suggests that this might just be the beginning of a stronger uptrend for Dogecoin.
DOGE Price Action and Recent Trends
Over the past week, Dogecoin experienced a steep decline, dropping from a high of $0.4109 to a low of $0.27. The broader crypto market correction, led by Bitcoin’s downturn, weighed heavily on altcoins, with DOGE among those affected. However, the ongoing recovery has reignited optimism, with DOGE’s price yet to reclaim its weekly high, leaving ample room for growth.
Key on-chain metrics reveal heightened activity in the Dogecoin ecosystem. Whale transactions—defined as transfers worth at least $100,000—have spiked significantly. According to data from IntoTheBlock, these transactions surged by 41.12% to $23.35 billion, underscoring strong interest from large-scale investors. This uptick in whale activity is a promising indicator of potential price stability and further upside.
Key Fundamentals Driving DOGE
The surge in Dogecoin’s price is backed by speculative optimism around potential regulatory advancements in the U.S. Some market watchers suggest that a DOGE Exchange-Traded Fund (ETF) could eventually materialize, further legitimizing the asset. While no formal filings for a DOGE ETF have been made, the possibility is enough to stir positive sentiment among investors.
Additionally, Dogecoin remains oversold across various timeframes, signaling an opportunity for recovery. Broader crypto market sentiment, particularly Bitcoin’s potential to retest its all-time high, could serve as a catalyst for DOGE’s next rally.
Outlook: Can DOGE Reclaim $0.4?
To sustain its upward momentum, Dogecoin needs to flip the $0.35 resistance into support. If this happens, DOGE could potentially reclaim the $0.4 price level in the short term, erasing last week’s losses. With intensified whale activity and a recovering market, Dogecoin is well-positioned for a continued bullish run.
Also Read: Dogecoin Price at Risk of Further Decline as Whale Movement Sparks Sell-Off Fears
Investors will be watching closely as DOGE navigates its next moves in this volatile yet promising environment.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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