The latest price of Dogecoin at 03:00 on January 8, 2025

(24-hour Dogecoin price trend)

Dogecoin (DOGE): Price Analysis and Market Updates

As of January 8, 2025, 03:00 UTC, Dogecoin (DOGE) is trading at $0.35627570609958, with a 24-hour trading volume of $4,507,257,366.4822. The price of DOGE has witnessed a downturn of 8.5167492% in the last 24 hours, indicating a shift in market sentiment.

Circulating Supply and Market Cap

The circulating supply of Dogecoin stands at 147,527,776,383.71, while the total supply is also recorded as 147,527,776,383.71. With this data, the current market capitalization for DOGE amounts to $52,560,562,700.405, making it one of the most valuable cryptocurrencies in the market.

Market Factors Influencing Price Action

Several factors have contributed to DOGE's recent price movements. News of a partnership with a major retailer has generated bullish sentiment among investors, sparking optimism for wider adoption and increased demand for the cryptocurrency. However, broader market conditions, such as concerns over the macroeconomic outlook and potential regulatory changes, have also played a role in shaping DOGE's price trajectory.

Outlook and Analysis

Technical analysis suggests that DOGE is currently below the 200-day exponential moving average (EMA), indicating a downward trend. The Relative Strength Index (RSI) is also below 50, further underscoring the bearish momentum. If DOGE fails to hold the current support at $0.35, it could slide further down to the next support level around $0.33.

However, it's important to note that cryptocurrency markets are highly volatile, and DOGE's price could rebound rapidly if market conditions improve or positive news emerges. Investors are advised to approach DOGE with caution and conduct thorough research before making any investment decisions.