Dogecoin has faced significant challenges in recent weeks. However, despite these setbacks dogecoin The bullish movement continues to be strong. Recently, there has been a market reversal and an increase in the adoption rate. This indicates a significant upside potential of 50% in the short term.
Notably, Dogecoin whales have recently awakened, creating a surge in their activity. On Sunday, May 28, whale DOGE transactions reached one of their highest levels ever. Data from IntoTheBlock reveals that transactions involving at least $100,000 worth of coins have surpassed a staggering $1.94 billion in the past seven days.
This increase in activity also led to a significant increase in the trading volume of Dogecoin, exceeding the $1 billion mark. This increase reflects the renewed willingness of investors to participate in the market. This too meme coin’supports the ascension narrative surrounding i.
Moreover, trading volume is not the only metric where growth is experienced. The number of DOGE transactions carried out on the network has also increased rapidly, primarily due to the popularity of BRC-20 tokens. BitInfoCharts data shows that the daily DOGE transaction count rose from an average of 20,000 at the beginning of May to 2.0777 million on May 27. This increase in transaction volume is in line with the increasing demand for DOGE. This adds to the sense of uplift among the community.
Is a Rally Possible in Dogecoin?
Historically, Bitcoin has witnessed a spike in price as the Ordinals and BRC-20 tokens gained popularity. Similarly, Dogecoin could follow this trend and potentially break out of the overall market trend. Therefore, he can start a rally alone. Given the already significant volumes, such a rally could result in a 50% increase from its current level. In addition, investors are channeling their profits from smaller meme coins like PEPE to DOGE, further strengthening the digital asset.
Dogecoin may continue to rise. Therefore, the first significant resistance level will be 0.075. However, the real test lies at $0.08, where the meme coin’s ability to achieve a 50% climb will be determined.
At the time of this writing, DOGE is trading at $0.073. It increased 1.02% in the last 24 hours and 1.69% in the last week.
Dogecoin’s bull run remains compelling, with increased trading volume, rising investor interest and the potential for a stand-alone rally. There are challenges ahead. However, the recent developments of the meme coin reveal the possibility of a 50% upward move in the near future. Investors and enthusiasts, variable cryptocurrency eagerly waiting for the next moves of Dogecoin, which is ready to make potential gains in the market.