(24-hour Dogecoin price trend)

Dogecoin Price and Market Analysis

As of November 9, 2024, 02:00 UTC, the current price of Dogecoin (DOGE) stands at $0.19316328694501. Over the past 24 hours, there has been a trading volume of $3772992227.6321, signifying an 0.81527571% decrease in price during the same period.

Key Market Data

• Circulating Supply: 146708516383.71 DOGE
• Total Supply: 146708516383.71 DOGE
• Market Capitalization: $28338699247.503

Dogecoin Price Performance

Over the past 24 hours, the price of Dogecoin has fluctuated marginally. Despite the 0.81527571% decrease in price, DOGE has experienced significant price action over the previous week and month.

Factors Influencing Dogecoin Price

The price of Dogecoin can be influenced by various factors, including:

• Demand and Supply: Market forces such as increased demand for DOGE can drive up its price, while increased supply can lead to price declines.
• Cryptocurrency Market Sentiment: The overall sentiment towards cryptocurrencies can impact DOGE's price, as investors' preferences may shift to other digital assets.
• Adoption and Use Cases: Wider adoption and increased use cases for Dogecoin, such as payments and remittances, can enhance its utility and drive up its value.
• Regulatory Changes: Governmental regulations or regulatory uncertainty surrounding cryptocurrencies can affect DOGE's price and investor confidence.
• Elon Musk's Influence: Elon Musk's tweets and endorsements of Dogecoin have significantly influenced its price in the past, and his involvement continues to be a factor in market sentiment.

Conclusion

Dogecoin's price remains volatile, and its value can fluctuate based on various factors. While it has seen price movements over the short term, its long-term appreciation potential remains to be observed. Investors should proceed with caution and conduct thorough research before investing in Dogecoin or any other cryptocurrency.