Dogecoin has once again been in the headlines. Data from IntotheBlock indicates an astounding rise in Dogecoin millionaires. In just one month alone, DOGE’s address, which holds more than $1 million worth of DOGE increased by 76%. Dogecoin’s number of millionaires has therefore ascended above a thousand figures globally, this being a major landmark for the meme-based cryptocurrency.
The surge in Dogecoin millionaires marks a remarkable milestone for the meme-inspired cryptocurrency that has had a whirlwind ride lately. Originating from internet culture, Dogecoin has risen way above normalcy to become a significant player within the cryptocurrency sphere. Its popularity, driven by social media hype and celebrity endorsements, has resulted in increased investor interest and speculative trading activities.
Dogecoin Price Fluctuations and Current Status
DOGE has been in the spotlight lately. Being the top memecoin by market capitalization, DOGE has seen its prices skyrocketing with a tremendous 100% increase in the past month to revisit its previous highs from November 2021. December of 2023 saw DOGE break out of a multi-month falling trendline but it wasn’t until late February 2024 when its parabolic rally really took off.
However, DOGE has seen its value rise by 20% over the last week on the back of this bullish sentiment, taking its price from $0.011 to $0.20. However, this growth trend is currently experiencing a downturn as Doge’s current trading value is at $0.153606, along with a daily trade volume of $3 billion, which implies a significant drop of 60%. For the past two days, Dogecoin’s price fell by 8.92%. Nevertheless, DOGE remains the ninth most valuable cryptocurrency in CoinMarketCap, with a market cap of $22 billion.
Nevertheless, amidst the varying trends of the market, some facts from crypto analyst Rekt Capital can be quite comforting. In line with his analysis, it can be said that DOGE has made an effective retest for Macro Downtrend thus revealing significant progress having been achieved. The fact that there was a successful confirmation following the break out from the macro downtrend implies that there will be another macro uptrend which provides some hope for both DOGE supporters and investors.
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