Dogecoin Price Rally: Is Meme Coin Close to Overtaking Its Strong Rival?

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According to data from Coinmarketcap, recently dogecoin (DOGE), its value increased by more than 10%.

This increase took the price to a peak of $0.1975 before stabilizing at $0.195. Among the leading cryptocurrencies, Dogecoin stands out in terms of performance Shiba Inu(SHIB) leaving behind Ethena (ENA), Fantom (FTM). It ranked fifth in 24-hour earnings, behind ORDI (ORDI) and eCash (XEC).

This increase positions DOGE closer to surpassing XRP in terms of market cap. Over the last 24 hours, XRP has gained a modest 0.9%. According to Coinmarketcap Dogecoin and XRP Market values ​​for are currently at $32.8 billion and $28 billion, respectively.

Additionally, more than $5 million worth of Dogecoin short positions were liquidated in the last day, according to CoinGlass. It accounted for the majority of the total $6.42 million position liquidated.

DOGE also saw trading activity with a 24-hour volume of $2.3 billion.

Dogecoin managed to close the month above the critical $0.20 level. This development has set the price as a support level for future increases, possibly up to $0.30. Since the beginning of 2024, the price of Dogecoin has doubled. Additionally, the collective market cap of meme-centric cryptocurrencies has nearly tripled.

However, IntoTheBlock’s latest analysis shows that Dogecoin is primarily negative on on-chain metrics, specifically net network growth and large transaction indicators.

The current trend reflects increasing interest in high-risk investments among traders, with meme coins like Dogecoin at the forefront due to their speculative nature. Unlike traditional investment assets, meme coins are known for their volatility.

The broader financial sector is seeing the US dollar weaken against a number of major foreign currencies. The US Dollar Index (DXY) shows an inverse relationship between Dogecoin and the dollar, indicating that as the dollar weakens, Dogecoin’s appeal as an investment increases, as observed on April 6.

Whale Movements

Lots of trading activity with Whale Alert reporting anonymous purchase of 199.27 million DOGE from Robinhood, worth approximately $35.45 million was recorded.

Despite this influx, the decline in DOGE ‘whales’ suggests a re-evaluation of the impact of these transactions on the market.

DOGE markets are showing a decline in both open interest and funding rates for perpetual contracts. This indicates a possible decrease in trader participation due to profit taking or reduced risk.

The open position, which reached $2.21 billion on March 29, dropped to $1.38 billion on April 6. In addition, the funding rate also fell, indicating less enthusiasm to maintain long positions.

Dogecoin’s recent price increase, supported by the 200-4H exponential moving average and ascending trend line, indicates the potential for continued price increases following a pattern that previously resulted in an 85% price increase.

The current price of Dogecoin (DOGE-USD) is approximately $0.206608. This represents an increase of $0.008424 or 4.25% from the previous close. The price range for today ranged from $0.196128 to $0.207948.


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