Dogecoin (DOGE) Riding the Bullish Wave: Surges 51% in Seven Days
Dogecoin appears to be riding a significant uptrend today, with all growth indicators tearing through the charts. The meme coin’s price surged by 39%, reaching $0.1276, potentially fueling a sector-wide uptrend supported by Bitcoin.
With Dogecoin now up 51% in the past seven days, it is poised to achieve a key milestone for the year, having rebounded from zero, a feat not seen in over a year. Amidst the continuous surge, DOGE price jumped to a 52-week high of $0.1344, suggesting the potential for a return to its all-time high (ATH) at $0.7376.
Various factors contribute to this surge, including trading volume, the impact of whale transactions, and overall market sentiment. According to current data, Dogecoin’s trading volume has skyrocketed by 208%, reaching $5,755,421,085, making it the seventh most traded digital currency in the market today.
In the midst of the market recovery, Dogecoin whales are in a frenzy, with data from cryptocurrency analytics platform IntoTheBlock (ITB) indicating large transaction volume at $3.44 billion, a 71.78% increase in the past 24 hours.
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Dogecoin and Broader Market Sentiment
Despite the current spike in DOGE price, there are no signs that its fundamental ecosystem is driving the surge, leaving it at the mercy of the broader market.
The massive bullish momentum in BTC price led to a similar rise for all alternative coins, determining the pace of the overall market surge.
Bitcoin’s price played a pivotal role in this surge, breaking significantly above the $63,000 threshold for the first time since reaching an ATH of over $69,000. Dogecoin is currently one of the major beneficiaries of this correlation, and it remains to be seen how long this upward trend will persist.
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