Dogecoin is making waves in the ever-changing cryptocurrency landscape. Recently, it saw a notable 7.04% rise in its value within just 24 hours, hitting a price point of $0.082213. This surge places it at an 11.11% gain in the last week. Consequently, the market capitalization of Dogecoin has soared to an impressive $11.68 billion. This achievement is especially remarkable considering the current stability of the broader cryptocurrency market.
Significantly, the movement in Dogecoin’s value is not the only noteworthy aspect. According to Santiment, a prominent blockchain platform, the coin saw an exceptional on-chain transaction volume, hitting a three-month high of $665 million. Moreover, the burgeoning interest in Dogecoin is reflected in the increasing number of long positions by traders. They are betting on a further rise in its value, demonstrating a bullish sentiment in the market.
🐶 #Dogecoin has had a modest +5% surge on a mostly flat #crypto market day. It has been aided by $665M in #onchain transaction volume, its highest level in 3 months. There is also a notable amount of $DOGE longs opening as traders bet on prices rising. https://t.co/uFgCCIxih0 pic.twitter.com/DussxIPJN2
— Santiment (@santimentfeed) November 16, 2023
Additionally, there have been some substantial transactions involving Dogecoin recently. As highlighted by analyst Whale Alert, Robinhood, the popular crypto trading platform, received 375 million DOGE, valued at approximately $30.3 million. This trend of large-volume transactions continued with several significant transfers, including a notable movement of 140.6 million DOGE to an unknown wallet.
🚨 🚨 375,000,000 #DOGE (30,335,217 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/g1oWHeGIJN
— Whale Alert (@whale_alert) November 17, 2023
Furthermore, the Dogecoin community is buzzing with anticipation over a Pittsburgh-based space company Astrobotic’s plan to launch a physical Dogecoin token to the Moon in December. This event has undoubtedly contributed to the heightened activity and interest in Dogecoin.
The Moving Average Convergence Divergence (MACD) for Dogecoin indicates ongoing volatility and an upward trend in its price. Hence, a key level for the bulls is maintaining the coin’s value at $0.0803. Doing so could pave the way for testing higher resistance levels, potentially reaching up to $0.0950 in the near future.
However, the market’s unpredictability remains a factor. If bearish trends take over, Dogecoin could see its value retract to lower support levels, possibly down to $0.07250. Hence, traders and investors are closely monitoring these fluctuations, preparing for various scenarios in this ever-evolving market. Dogecoin’s current market performance and the heightened interest in its upcoming moon mission make it a cryptocurrency to watch closely in the coming weeks.
