Dogecoin Price and On-Chain Outlook
Dogecoin’s price has recently entered the bullish zone, leading a new memecoin revolution. It has experienced a strong resurgence since the news of X Payments accounts was reported on July 20. Currently, Dogecoin is trading at $0.08818, showing an 11.13% increase in the past 24 hours.
The rise in Dogecoin’s price can be attributed to the significant increase in trading volume, which has gone up by 289.72%. The total volume of DOGE traded is now $1,303,078,319.
While Dogecoin has been overshadowed by other memecoins, such as those from the Solana ecosystem, it has recently shown a bullish outlook. In contrast to Dogecoin’s modest growth of 14.71% in the past 6 months, its rival BONK has experienced a massive jump of 3,437% during the same period.
The current bullish sentiment surrounding Dogecoin aligns with the increased whale activity on its network. The memecoin’s whale volume has surged by 21.25% to $1.21 billion. This resurgence is noteworthy as Bitcoin and Ethereum have seen declines in their large transaction growth.
Thanks to its recovery in price, Dogecoin has managed to recover most of its losses from the past week, resulting in a positive weekly growth of 6.6%. This positive sentiment could potentially trigger a memecoin revolution across the market.
Bullish Standards Set for SHIB, PEPE and BONK
The recovery in Dogecoin’s price has also had a positive impact on other memecoins that have been struggling with losses over the past week.
Shiba Inu (SHIB), fueled by potential milestones on Shibarium, has seen a 1.81% increase to $0.000009529. If this upward trend continues, SHIB might be able to reach $0.00001 by erasing one zero from its price.
Similarly, BONK has risen by 2.91% to $0.00001186, while PEPE has experienced a growth of 3.31% to $0.000001152. These memecoins are following the broader bullish trend in the memecoin market.
Hot Take: Memecoin Revolution Gains Momentum
The recent surge in Dogecoin’s price and the positive performance of other memecoins indicate that a memecoin revolution is underway. Despite being overshadowed in recent times, Dogecoin has made a strong comeback, sparking renewed interest in memecoins. This resurgence could potentially reshape the landscape of the cryptocurrency market and attract more attention from investors and traders.
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