The latest price of Dogecoin at 03:00 on November 23, 2024

(24-hour Dogecoin price trend)

Dogecoin (DOGE) Price Analysis and Market Update

As of November 23, 2024, 03:00 UTC, Dogecoin (DOGE) is trading at $0.39855263165599, with a 24-hour trading volume of $1,227,757,5839.69. The price of Dogecoin has increased by 3.2880726% in the past 24 hours.

Key Metrics:

• Circulating Supply: 146,900,376,383.71 DOGE
• Total Supply: 146,900,376,383.71 DOGE
• Market Capitalization: $58,547,531,598.981

Analysis:

Dogecoin's price has been on an upward trend since November 10, 2024, when it touched a low of $0.364. The surge in price is attributed to increased investor interest in the wake of the recent Elon Musk Twitter acquisition. Musk has been a vocal supporter of Dogecoin and has indicated plans to integrate it into the Twitter platform.

However, the price gain is likely to be short-lived, as Dogecoin's fundamentals remain weak. The coin has no strong use cases and relies heavily on speculation and hype. Additionally, the large supply of Dogecoin limits its potential for significant price appreciation.

Predictions:

Given the lack of underlying value and the reliance on speculative sentiment, it is difficult to predict where Dogecoin's price will go in the long term. However, based on the current market conditions, it is likely to remain volatile with short-term price fluctuations.

Additional Information:

• Developers: Billy Markus and Jackson Palmer
• Initial Release: December 6, 2013
• Algorithm: Scrypt
• Proof-of-Work: Yes

Disclaimer: Cryptocurrencies are highly volatile investments, and it is crucial to conduct thorough research and understand the risks involved before making any investment decisions.