The Dogecoin Community Celebrates 10th Anniversary with a Price Surge
The Dogecoin (DOGE) community is experiencing a significant price spike as the meme coin celebrates its 10th anniversary. Although originally created as a joke in 2013, Dogecoin has gained popularity over the years and now holds the 10th largest market capitalization in the cryptocurrency world.
However, it’s important to note that trading meme coins like Dogecoin can be highly volatile, so caution is advised.
Dogecoin Surges 17% on Its 10th Birthday
Over the past 24 hours, DOGE has seen a surge of over 17%, reaching a trading price of $0.103. This brings Dogecoin back to its April 2023 highs when Elon Musk replaced the Twitter logo with the Dogecoin logo.
Additionally, data from CoinGlass reveals that Dogecoin has an open interest of $706 million in derivatives trading, surpassing previous highs. This indicates active trades with a combined notional value of $706 million.
Due to the recent price surge, short positions worth over $6.29 million have been liquidated in the past day. The total liquidation amount in the last 24 hours is $9.12 million, including $2.83 million worth of liquidations of long positions.
Dogecoin Faces Resistance at $0.106
On the weekly time frame, Dogecoin is currently testing a major resistance level at $0.106. In November 2022 and April 2023, Dogecoin faced rejection multiple times from this resistance level.
Will Dogecoin manage to break through and cross above the $0.106 resistance on a weekly basis?
Hot Take: Dogecoin Marks a Decade with a Price Surge
As Dogecoin celebrates its 10th anniversary, the meme coin experiences a significant price surge. With a history rooted in humor, Dogecoin has become one of the top cryptocurrencies by market capitalization. However, its volatility should be taken into account when trading.
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