Dogecoin is a major meme coin. Stolen It has attracted attention with a 10% price increase in the past 24 hours.
After surpassing Cardano in market capitalization, Memecoin currently holds the No. 9 spot on CoinMarketCap, building a significant lead over its Ethereum competitor.
According to data provided by Santiment, dormant whales returning DOGE to circulation are behind the significant price fluctuations.
Remarkably, $5.5 million worth of Dogecoin shorts were liquidated in the last 24 hours alone.
According to data provided by IntotheBlock, 88% of Dogecoin holders are in the money at the current price.
last week, revealed The Dogecoin whale managed to purchase $280 million worth of DOGE in just two weeks. This came ahead of the significant price increase observed at the end of the previous week.
as U.Today reported, it was important for Dogecoin to break above the $0.20 level prior to the monthly close. Memecoin managed to accomplish this feat, with a monthly closing price of over $0.22. Now, according to some predictions, the most successful Bitcoin parody could be poised for further upside. However, future price performance will of course depend on broader market conditions.
Other meme coins
Dogecoin has been one of the best performing cryptocurrencies over the past week among the top cryptocurrencies.
However, that performance pales in comparison to Solana-based meme coin Dogwifat (WIF), which managed to hit an all-time high last week amid a surge in speculation. Despite giving up some gains, WIF is still up about 60% in just 7 days.
https://u.today/key-reason-behind-dogecoins-massive-price-surge
