NEW YORK - Dogecoin (DOGE), the cryptocurrency that started as a joke but has since garnered a massive following, has recently shown signs of a bullish trend amidst a broader crypto market consolidation. On Friday, the meme coin's performance stood out with a notable 6.87% gain. This surge in value is backed by significant activity on the network, with on-chain analytics platform Santiment reporting DOGE's transaction volume reaching a three-month peak at $665 million.
The increased activity is not limited to on-chain metrics. Coinmarketcap has tracked an impressive total volume increase to $1.83 billion over the past day. This robust trading activity is occurring above the critical support level at $0.76, suggesting a strong market interest in Dogecoin.
The momentum for Dogecoin began earlier in the week when crypto analyst Rekt Capital identified potential signs of an impending bullish run for DOGE, setting a price target of $0.15. The optimism follows October's rally where Dogecoin lagged behind other cryptocurrencies but has since shown signs of recovery. IntoTheBlock's large on-chain transaction metrics highlighted a surge to $1.37 billion in transaction volume—a significant jump of 69%.
This positive sentiment within the Dogecoin community is further fueled by the anticipation of Astrobotic’s upcoming launch, which plans to carry a physical Dogecoin token to the moon.
Adding to the fervor, Robinhood’s involvement was noted last week when Whale Alerts tracked significant transactions, including the receipt of an enormous transfer of 250 million DOGE and subsequent movements involving large sums. These transactions indicate active whale participation and have been contributing factors to bullish signals on DOGE’s market behavior seen on Tradingview.com charts.
On Thursday, just before the latest rally, Dogecoin's price notably jumped to $0.08 despite a general downturn in the crypto market that day. Analytics indicated an upward momentum for DOGE with a significant surge in on-chain transactions valued at $665 million and one of the year's highest funding rates at 0.079. Furthermore, significant DOGE movement was observed with Whale Alert tracking an $8.23 million transfer between wallets amid the general market decline.
Dogecoin's negative adjusted NVT ratio of -66.68 points to an active supply and holders reaching breakeven—a potential early signal of an emerging bull market for this meme cryptocurrency that continues to captivate investors with its unexpected resilience and community-driven initiatives.
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