Dogecoin Inches Closer To Psychological $0.10 Mark: 'Should Be The Bottom,' Trader Thinks

Dogecoin's DOGE/USD rally on Tuesday kicked off speculation about whether a full reversal for the meme coin is up next.

What Happened: Crypto trader World Of Charts noted DOGE's bounce from a key support and thinks that this is the time to add some meme coins for the long term. He sees the latest DOGE crash as potential for massive returns in the upcoming months.

$Doge#Doge Bouncing From Key Support Adding Some For Long Term This Crash Can Give Massive Returns In Coming Months pic.twitter.com/oEfgDjxeSc

— World Of Charts (@WorldOfCharts1) August 6, 2024

On Aug. 2, crypto trader Poseidon shared that he is buying spot Dogecoin and his target is $0.30.

Meanwhile, crypto trader Kaleo believes the worst is over for Dogecoin. He has a good feeling about the drop and how the major meme coins are settling. He does not expect further downside, saying, "DOGE doesn’t dip to the low 6-7 cent range we were looking for. High 7s / Low 8s that we’ve seen should be the bottom."

Also Read: Dogecoin Vaporizes 37% Of Its Value In A Week: Is This Really ‘Just A Few Months Of Chop Before Full Send’ As Trader Claims?

Why It Matters: Dogecoin managed to recover some of its 37% weekly losses and is now close to the $0.1 mark. This comes amid an 834.3% spike in Dogecoin exchange netflows. Large transaction volume rose by 119.2%, while daily active addresses increased by 26.9%.

Transactions greater than $100,000 spiked from 257 on August 4 to 666 transactions on August 5. 70% of Dogecoin holders are currently making a profit.

Price Action: In the past 24 hours, DOGE is trading 2.7% higher at $0.09766.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Will Dogecoin, Shiba Inu, Pepe Continue The ‘Memecoin Supercycle’ Despite The Crypto Crash? ‘Just The Tip Of The Iceberg,’ Trader Thinks

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