Dogecoin DOGE/USD has surged 40% in weekly gains, with a 15% rally in the past 24 hours as whale transactions and daily active addresses grow, signaling potential bullish momentum.
What Happened: Dogecoin20, an Ethereum-based Dogecoin derivative, secured $10 million in its presale within a week. Scheduled for launch on April 20, also known as Doge Day, it aims to implement a capped token supply model for long-term value retention.
Benzinga’s Future of Digital Assets conference will, among other topics, discuss whether meme coins are the future of digital asset investments.
IntoTheBlock data shows a 92.8% increase in large transaction volumes for Dogecoin, reaching $5.29 billion, and a 13.5% surge in daily active addresses, totaling 199,190. Investor interest remains strong, with 6.27 million addresses, as reported by U.Today.
Data from IntoTheBlock reveals a 92.8% increase in large transaction volumes for Dogecoin, reaching $5.29 billion. Additionally, there has been a 13.5% surge in daily active addresses, now totaling 199,190. With a total of 6.27 million addresses, investor interest in Dogecoin remains strong, as reported by U.Today, citing IntoTheBlock data.
Whale Alert reported a 250 million DOGE ($49.5 million) transfer from an unknown wallet to Robinhood, sparking speculation among traders.
Also Read: Crypto Traders’ Secrets – How $100K In Dogecoin And Dogwifhat Could Mint $1M
Why It Matters: Optimism in the Dogecoin community has been fueled by Elon Musk‘s payment company obtaining licenses in three more states last week.
Dogecoin has rallied 15% in 24 hours, with a 100% expansion in trading volume. Its market cap has crossed $30 billion for the first time in over two years.
Economist and trader Mikybull Crypto forecasts a potential price range for Dogecoin between $0.465 to $1, supported by a rare Adam and Eve pattern indicating a bullish reversal.
Economist and trader, Mikybull Crypto, in a recent tweet, forecasts a potential price range for Dogecoin between $0.465 to $1. This optimism is further supported by the emergence of a rare Adam and Eve pattern, indicating a bullish reversal after a prolonged downtrend.
Another trader, ghb.hub, also sees Dogecoin potentially reaching $1 during this market cycle.
Traders and investors are closely monitoring Dogecoin amid positive developments. For better investment opportunities, these are the best available crypto screeners and scanners.
These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin Soars As Elon Musk’s X Payments Gains Ground, Enthusiasts Rally With $800M Boost
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
