Dogecoin’s Price Faces Resistance
Despite a brief upward breakout, Dogecoin’s price has encountered significant resistance at the $0.08 level. Unlike the rest of the crypto market, Dogecoin’s trajectory has been different.
Dogecoin Witnesses Growth in Network Activity
Although Dogecoin’s value has declined by 23% since its local peak, the number of wallets holding >0 DOGE is growing rapidly. In fact, it is experiencing the fastest growth in the network’s history, with a record pace of 7.3%.
An analysis by Santiment reveals that over the past two weeks alone, nearly 414k new wallets have been added to the network, primarily containing 0.001-1 DOGE.
Dogecoin Outperforms Other Meme Cryptocurrencies
When it comes to performance, Dogecoin surpasses several other meme cryptocurrencies. It leads in terms of holders in profit with 46.94%, while SHIB stands at 27.11%, PEPE at 24.81%, and FLOKI at 16.11%. Additionally, Dogecoin has the highest number of holders compared to these meme cryptocurrencies.
However, Dogecoin lags behind in terms of the percentage of whales compared to SHIB, PEPE, and FLOKI. It also boasts the highest number of traders among meme cryptocurrencies.
SpaceX Accepts DOGE Payment
SpaceX has agreed to accept Dogecoin as payment for rescheduling the DOGE-1 Mission to the Moon. Geometric Energy Corporation (GEC) used DOGE to rebook the mission after its initial schedule was delayed.
Despite previous payment-related news impacting Dogecoin’s value, this recent development had no noticeable effect. It suggests that the excitement around potential crypto adoption by Elon Musk’s enterprises has diminished.
DOGE Emerges as a Major Player in the Indian Market
DOGE has gained significant popularity among individuals aged 26-35 in the Indian market. It has surpassed Bitcoin in terms of investment appeal within this age group, which constitutes 40% of India’s cryptocurrency investors.
Hot Take: Dogecoin Continues to Grow Amidst Market Resistance
Despite facing resistance in its price and a different trajectory compared to other cryptocurrencies, Dogecoin continues to witness growth in its network activity. The number of wallets holding DOGE is increasing rapidly, and it outperforms other meme cryptocurrencies in terms of performance and number of holders.
The recent acceptance of DOGE as payment by SpaceX highlights its potential use cases. However, the lack of impact on its value suggests that the enthusiasm surrounding crypto adoption by Elon Musk’s companies may have waned.
Nevertheless, Dogecoin has emerged as a major player in the Indian market, particularly among individuals aged 26-35. Its appeal surpasses that of Bitcoin within this demographic, indicating its growing popularity and influence.
By
By
By
By
By