Dogecoin (DOGE) is prepared to stay ahead of the wider digital currency ecosystem, which is now experiencing a bullish surge. Overnight, the price of the leading meme currency surged by almost 8%, and it is presently trading at $0.08978.
On-chain maneuvers for price of $1?
As of right now, Dogecoin’s price has grown by 29.66% over the last month, completely making up for all of its losses. These remarkable actions have indicated that the cryptocurrency is prepared to clear a single zero and retest the $0.1 level, repositioning itself for yet another aggressive price increase in the future.
The increasing acceptance and emotion among Dogecoin’s traders is another factor driving on-chain actions that support the cryptocurrency’s growth in this area. A total of $920,884,321 DOGE have been exchanged on exchanges in the last 24 hours, up 75%, according to data from CoinMarketCap.
Any effort to retest $1 will require a complete push from bigger HODLers due to Dogecoin’s structure, which maintains a solid grip for whale holdings. Whale transaction volume for the last week was $1.02 billion, up 23.93 billion for the week, according to data from IntoTheBlock.
Not to be overlooked is the parabolic rise of more than 35% in DOGE’s Daily Active Addresses (DAA), another important on-chain statistic. As of right now, there are more than 82,000 active addresses, which supports the notion that Dogecoin is a widely used token.
Market sentiment factor
In addition to the natural patterns in its ecosystem, Dogecoin’s rise is a result of general market mood. Coins that have a strong association with the asset, like DOGE, will undoubtedly experience further upswing in the market as long as Bitcoin continues to lead the surge.
The market capitalization of Dogecoin is estimated to be $12,752,789,154, and it is expected to rise positively if Bitcoin continues to gain momentum.
