Price: $0.19273 -3.6199%
Market Cap: 28.27B 1.1034%
Volume (24h): 4.05B 0.2%
Dominance: 1.1034%
Price: $0.19273 -3.6199%
Market Cap: 28.27B 1.1034%
Volume (24h): 4.05B 0.2%
Dominance: 1.1034% 1.1034%
  • Price: $0.19273 -3.6199%
  • Market Cap: 28.27B 1.1034%
  • Volume (24h): 4.05B 0.2%
  • Dominance: 1.1034% 1.1034%
  • Price: $0.19273 -3.6199%
Home > Information news > Dogecoin Soars with a 20% Surge in Value

Dogecoin Soars with a 20% Surge in Value

Release: 2024/03/01 06:34 Reading: 639

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/65e0db1839a8837b6f2df450

You can also read this news on COINTURK NEWS: Dogecoin Soars with a 20% Surge in Value

Dogecoin, the largest meme coin by market value, experienced an increase of over 20% today. Meanwhile, BTC is finding buyers at $60,700 at the time of writing. The rapidly rising markets have not yet triggered the desired level of gains in altcoins. For now, a few altcoins like SOL, SHIB, and DOGE have gained over 15%.

Dogecoin (DOGE)

In the last 24 hours, Dogecoin’s value has increased by 30%, and its market cap has risen to $18.6 billion today. Data from Coinglass indicates a 50% increase in interest in Dogecoin futures. The open interest for DOGE has reached a record level of $1.09 billion. However, a relaxation in the overall market sentiment is expected.

Before moving on to Dogecoin, I should mention that ETF volume data has weakened compared to yesterday, and this could trigger weekend profit-taking if there are no surprises tomorrow. Returning to Dogecoin, the increase in open interest in futures indicates positive cash inflows.

Along with Dogecoin, other meme coins like BONK and Shiba Inu also became active today. This kind of rapid rise is what we are accustomed to during such periods.

DOGE Price Predictions

Three market commentators have expressed their views on the current outlook for Dogecoin. Kaleo sees a bright future for Dogecoin and advocates for profit-making days for Bitcoin. Rekt Capital also favors the continuation of the price rise and argues that the meme coin king should not be underestimated. Rekt Capital wrote:

“A monthly close above the macro downtrend will start a new macro uptrend for DOGE.”

If the expected optimistic scenario materializes, the price could increase by more than 300% and test the resistance area of $0.52. This would be the first journey towards $1 without Elon Musk’s involvement, and if it catches Musk’s attention, dreams could become reality.

Dogecoin, which has surpassed most cryptocurrencies in market value, is currently at $0.125, and maintaining these levels will motivate optimists. However, we must also consider the downside. The latest DOGE analysis from CryptoQuant indicates that Dogecoin is in the “overbought” zone and profit-taking may follow.

The post first appeared on COINTURK NEWS: Dogecoin Soars with a 20% Surge in Value

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.