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DOGE has declined in the last 24 hours.
Its dominance of the memecoin market cap remained strong.
As a seasoned financial analyst with extensive experience in cryptocurrency markets, I have closely monitored Dogecoin’s [DOGE] recent price movements and market dynamics. Over the past week, I have observed a robust bullish trend for DOGE, which culminated in a substantial 11% gain. This upward momentum pushed its price to an impressive $0.14, solidifying its position as the leading memecoin by market capitalization.
Dogecoin [DOGE] has shown a robust upward momentum in its recent performance, ending the last week on a high note and starting the current week with similar strength.
The past two days have brought about a change, with it showing some decreases. Nevertheless, DOGE has managed to hold onto the progress it made over the previous week.
Dogecoin sees a tiring bull trend
Based on AMBCrypto’s assessment, Dogecoin experienced a significant 7% rise in value during the last week, causing its price to approximately reach $0.13.
At the beginning of this week, on July 21st, the price experienced a further increase of 4%, resulting in an approximate value of around $0.14.
Although DOGE had a robust beginning, it encountered hurdles in holding onto those initial advances for the past two days.
On the daily chart for July 22nd, Dogecoin experienced a 1.70% price drop, returning its value to approximately $0.13 by the end of trading that day.
The decline has persisted, with a further drop of over 1.8%, pushing it deeper into the $0.13 zone.
Despite the recent setbacks, the technical signals imply that Dogecoin’s underlying power is intact. For instance, the RSI, which hovers around 60, suggests that DOGE remains in a bullish phase according to this specific technical indicator.
DOGE retains weekly gain
The examination of data from CoinGecko highlighted Dogecoin’s position as the top meme cryptocurrency in terms of market value, with a current worth exceeding $19.6 billion.
In the last 7 days, Dogecoin has made a notable advancement, increasing by more than 11%. However, there was a minor dip in the past day, resulting in a loss of over 1% for the cryptocurrency.
Based on recent statistics from CoinMarketCap, Dogecoin’s trading volume amounted to approximately $1.3 billion. Yet, there’s been a significant drop of more than 9% in trading activity over the past day.
This decrease might signify a pause in buying after a steep price rise, or a lessening of overall transactions, potentially due to wider market influences.
Over 50% of DOGE wallets “in the money”
Based on IntoTheBlock’s examination of the Global In/Out of Money data for Dogecoin, a majority of investors are now enjoying gains from their previous purchases.
Approximately 78.31% of all Dogecoin holders, which equate to about 5% of the total addresses, currently possess their coins at a profit based on their acquisition price.
Read Dogecoin’s [DOGE] Price Prediction 2024-25
Approximately 1.17 million addresses represent a loss for their owners, amounting to 18.31% of the overall number.
Approximately 3.38% of the addresses are neither making a profit nor incurring a loss with the present market conditions.
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2024-07-23 18:15