DOGE’s Impressive Performance Amid Market Rally
As the cryptocurrency market continues to rally, popular digital assets like Bitcoin and Ethereum are facing new resistance levels. However, Dogecoin (DOGE) has been on an impressive upward trajectory, with its on-chain transactions experiencing significant growth in recent days. The transaction volume soared to $665 million, marking its highest level in three months.
Moreover, there is a notable increase in DOGE long-openings as investors bet on rising prices, as reported by blockchain and cryptocurrency behavior analysis platform Santiment. The platform also highlights DOGE’s breakout potential as its on-chain transactions spiked, fueled by an increased funding rate on Binance.
Will DOGE Hit $0.1?
Currently, DOGE is trading at $0.09, representing a 10.22% increase in the last 24 hours and a 17.40% increase over the past 7 days. It has also seen an impressive 47.11% gain in the previous 30 days, with solid indicators such as 20 green days and trading above the 200-day moving average.
Despite this positive performance, it is essential to note that DOGE is being outperformed by 59% of the top 100 crypto assets over the year and is still down -88% from its all-time high.
However, there are promising signals indicating that DOGE may reach the $0.10 milestone soon, marking a return to a value it hasn’t experienced in almost a year.
Hot Take: Analyzing DOGE’s Potential for Reaching $0.10
DOGE’s recent surge and impressive transaction volume indicate strong bullish momentum in the market. With increasing long-openings and a spike in on-chain transactions, there is growing optimism about DOGE hitting the $0.10 mark in the near future. While it faces some challenges due to past performance, current trends suggest that DOGE could soon reclaim its value from almost a year ago.
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