Meme Coins Gain Strength as Dogecoin Solidifies Its Position

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Meme coins, especially those associated with Bitcoin, are becoming increasingly influential in the cryptocurrency market. During the recent bullish trend, meme coins, particularly those based on Solana, have come to the forefront. Despite the rise of SOL-based projects, Dogecoin (DOGE) remains the market leader by volume and continues to strengthen its position. So, what’s happening with DOGE?

What is Dogecoin’s Current Price in Dollars?

After experiencing a downward trend in its daily performance on March 29, Dogecoin’s (DOGE) price has not been able to reverse this trend. The decline came after the meme coin had seen a significant 28% increase over the last seven days, and at the time of writing, Dogecoin has fallen by 3% in the last 24 hours to $0.2087.

Although the notable 28% increase has given way to a pullback, DOGE has once again demonstrated its ability to respond to potential bullish scenarios. Dogecoin entered March at a level of $0.1164.

DOGE saw consecutive green daily candles from March 1 to March 4, but a strong correction occurred on March 5. This price correction continued until March 19, when the price movement reversed.

Following these events, the price rose from $0.12368 on March 27 to the month’s highest level of $0.22847. This movement in price indicates that Dogecoin is highly volatile and that new increases are possible.

The Future of Dogecoin

Based on the overall market outlook and whale movements, data provided by the crypto analysis platform IntoTheBlock (ITB) has once again highlighted a key resistance point for DOGE’s price.

There has been a noticeable increase in the number of profitable addresses. With an 88.98% increase to 5.52 million addresses, a total of 6.47 billion DOGE has formed a resistance wall to watch.

It is known that there are 573,840 addresses at the point where the mentioned 6.47 billion DOGE is located, and current charts suggest that this is the last major hurdle before Dogecoin can test its all-time high (ATH) price of $0.7376.

In recent weeks, DOGE experienced a sharp price movement following support from Elon Musk. Investors should not forget how quickly DOGE can be affected by such events.