One of the greatest victims of the most recent adverse market slump is undoubtedly Dogecoin (DOGE). Despite the rebound that is now taking place, Dogecoin’s price is still $0.05887, down by 0.17% over the last 24 hours. The meme currency has had a significant slump, with its price falling as low as 5% early in the trading day.
As things stand, the sell-off is gradually slowing down as positive sentiment starts to take hold, suggesting that the bulls and bears have reached a settlement. Data from IntoTheBlock (ITB) shows that the current Dogecoin whale transaction is up by 49.6% to $1.32 billion, despite CoinMarketCap reporting a 22% decline in trade volume to only $153.7 million.
Given the disparities between retail and whale purchasers, the conflicting performance data indicates that the DOGE criteria are counterbalanced. Although Dogecoin has not recently shown a particularly encouraging optimistic outlook, the ITB statistics also revealed that the overall number of Daily Active Addresses (DAA) has increased.
According to the statistics, the number of active DOGE addresses is currently 45.4K, up 2.45% over the previous 24 hours.
Is Dogecoin ready to soar?
Dogecoin has had a lot of regular rising flashes recently, but the effect on the price has not been as significant as anticipated.
This suggests that the general market momentum will have a significant impact on any future upswing in the price of the leading meme currency. We may anticipate DOGE to continue growing if the anticipated rebound in Bitcoin (BTC) materialises due to its extremely high connection with this cryptocurrency.
Eyes will be fixed on BTC since DOGE’s growth depends on it, from important expectations like the approval of the Bitcoin spot Exchange Traded Fund (ETF) product to the pre-Bitcoin halving rally.
