Price: $0.19284 -2.0679%
Market Cap: 28.29B 1.1305%
Volume (24h): 3.81B 0.2%
Dominance: 1.1305%
Price: $0.19284 -2.0679%
Market Cap: 28.29B 1.1305%
Volume (24h): 3.81B 0.2%
Dominance: 1.1305% 1.1305%
  • Price: $0.19284 -2.0679%
  • Market Cap: 28.29B 1.1305%
  • Volume (24h): 3.81B 0.2%
  • Dominance: 1.1305% 1.1305%
  • Price: $0.19284 -2.0679%
Home > Information news > Dogecoin Climbs Above $0.075 To 3-Month High, But Metrics Show It’s Far From Done

Dogecoin Climbs Above $0.075 To 3-Month High, But Metrics Show It’s Far From Done

Release: 2023/11/17 18:00 Reading: 344

Original author:Scott Matherson

Original source:https://www.newsbtc.com/news/dogecoin/dogecoin-0-075-3-month-high/

Dogecoin has emerged as one of the clear winners in the last week after its price climbed over 10% to secure the $0.075 level. This incredible rally has brought the meme coin to its highest level in the last three months. However, it may only be getting started as multiple DOGE metrics continue to exhibit bullishness.

Dogecoin Whales Still In The Game

One of the most important metrics that show how investors are looking at a coin like Dogecoin is what the large investors are doing. Initially, when the crypto market rally began and DOGE started to move up, the whale addresses remained muted without showing too much activity. But that has started to change with a drastic rise in the whale movements.

According to data from IntoTheBlock, in the last 24 hours, Dogecoin whales have carried out over $1.48 billion worth of transactions. This is in stark contrast to last week’s figures coming in at an average of $600 million in daily transactions by these large holders.

DOGE large transactions climb to $1.48 billion | Source: IntoTheBlock

It means that there has been a more than 100% rise in daily large transaction volume for Dogecoin, suggesting that the whales are coming out to play. The spike also began around November 4 which is when the DOGE price had begun moving upward quickly. This could mean that these whales have been buying large quantities, leading to a drastic decrease in the available DOGE supply on the open market.

The number of large transactions reached 1,320 on November 6, just 100 transactions shy of the asset’s October highs. IntoTheBlock also shows a leaning toward bullishness with more addresses being bullish compared to those which are bearish.

DOGE Volumes Are On The Rise

Dogecoin whale transactions and volumes are not the only Dogecoin metrics that have been on the rise. The meme coin’s daily trading volume has also exploded during this time as well, with a 64% increase in a 24-hour period.

Daily trading volume rises | Source: CoinMarketCap

This drastic rise has brought its daily trading volume above $870 million with the possibility of crossing $1 billion in the coming days. This exponential rise in daily trading volume indicates rising interest, especially with the spot buying and selling.

During this time, the DOGE profitability has been rising quickly, bringing 53% of all holders back into profit. This has contributed to the bullish sentiment of the meme coin and could help to trigger more capital inflow into Dogecoin as investors try to take advantage of the price recovery.

DOGE price loses footing at $0.075 | Source: DOGEUSD On Tradingview.com

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.