The latest price of Dogecoin at 16:00 on August 23, 2024

(24-hour Dogecoin price trend)

Dogecoin Rallies Over 1% as Cryptocurrency Market Shows Signs of Recovery

August 23, 2024, 04:00 PM

The price of Dogecoin (DOGE) has surged by 1.28454158% in the past 24 hours, as the overall cryptocurrency market shows signs of a modest recovery.

As of 16:00 UTC on August 23, 2024, Dogecoin is trading at $0.1073164203573, with a 24-hour trading volume of $393,029,349.07814.

The recent price increase has pushed Dogecoin's market capitalization up to $15,630,598,676.206, making it the 10th largest cryptocurrency by market capitalization.

According to CoinMarketCap, the circulating supply of Dogecoin is currently 145,649,646,383.71, with a total supply and a maximum supply of the same amount.

The positive price action for Dogecoin comes amid a broader market rally that has seen most major cryptocurrencies post gains in the past 24 hours. Bitcoin (BTC), the world's largest cryptocurrency, has risen by 1.92% over the same period, while Ethereum (ETH) has gained 1.57%.

Analysts attribute the recent market recovery to a combination of factors, including positive sentiment surrounding the upcoming Ethereum 2.0 upgrade, a decline in regulatory uncertainty, and increased institutional interest in cryptocurrencies.

While the market outlook remains uncertain, the positive price action for Dogecoin and other major cryptocurrencies suggests that investor confidence may be returning, signaling potential further gains in the future.