Zinger Key Points
- Dogecoin in the past 24 hours recorded a 10.5% increase backed by a massive increase in trading volume.
- Analysts expect a bullish wave in case of an upside breakout.
- Get New Picks of the Market's Top Stocks
Dogecoin DOGE/USD rallied 10% in the past 24 hours amid a rise in transactions greater than $100,000 and recent developments within the DOGE ecosystem.
What Happened: CoinMarketCap data shows that trading volumes for Dogecoin rocketed 319.6% higher on the surging price action. DOGE is back in the top 10 with a market cap of $13.8 billion.
The video live-streaming service Twitch announced on Feb. 26 that it will start accepting Dogecoin for its Turbo subscription plan.
The Turbo subscription plan costs around 20,000 Dogecoin at current prices.
Additionally, Dogecoin secured a new listing on one of Japan’s largest cryptocurrency exchanges, Bitflyer, which will begin trading of the coin starting Feb. 29.
Why It Matters: IntoTheBlock data shows whale transactions of more than $100,000 surged from 113 transactions as of Feb. 25 to 252 transactions as of Feb. 27.
Coinglass data shows Dogecoin derivatives metrics, with a 24.8% increase in open interest to $696.5 million. Liquidations in the past 24 hours stand at $4.4 million, with short liquidations accounting for $3.18 million.
One analyst points out that Dogecoin leads the top meme coins by social activity, which are posts and interactions on social media. Shiba Inu SHIB/USD comes second, followed by Pepe PEPE/USD and Bonk BONK/USD:
�TOP #MEME Tokens by Social Activity $DOGE $SHIB $PEPE $BONK $PORK $PNDC $FLOKI $MINU $BYTE $VITA pic.twitter.com/lDiG2LlIz1
— � CryptoDep #StandWithUkraine � (@Crypto_Dep) February 27, 2024
Traders on social media are bullish, with one exclaiming “Dogecoin $0.10 cent incoming!!”
One technical analyst tweeted:
$DOGE In Case of Upside Breakout Expecting Massive Bullish Wave📈#DOGEUSDT #DOGE #Crypto pic.twitter.com/fzPBQu7Zly
— Clifton Fx (@clifton_ideas) February 27, 2024
A notable crypto chart analyst, Ali Martinez, sees Dogecoin reflecting previous bull market patterns, which saw gains of 23,000%.
Read Next: 400M DOGE Transfer Sparks Speculation: 'Huge Dogecoin Breakout Soon,' Says Analyst
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