Dogecoin DOGE/USD, the original meme coin, marks its 11th birthday today. Despite a 5% dip in the past 24 hours, traders remain optimistic about its next moves.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Dogecoin DOGE/USD | $0.4279 | $62.9 billion | -5.2% | +2% |
| Shiba Inu SHIB/USD | $0.00003016 | $17.8 billion | -5.7% | +15.5% |
| Pepe PEPE/USD | $0.00002084 | $8.8 billion | -5.9% | +0.7% |
Trader Notes: The Moon Show, a crypto analyst, noted that DOGE is consolidating within a pattern and anticipates a "nice breakout," with a price target set at $0.6350.
Bluntz, another prominent trader, reiterated his earlier forecast, predicting a "violent upside move" once DOGE breaks out of its three-week accumulation phase.
Miles Deutscher joined the bullish chorus, projecting DOGE could rally to $1, a key psychological level.
On a more cautious note, The Cryptomist observed that Dogecoin is facing resistance at a larger ascending trendline. However, a final support bounce could drive the coin to at least $0.60 and possibly retest its all-time high.
Community News: BIT Mining, a leading cryptocurrency mining firm, announced that Dogecoin and Litecoin LTC/USD mining has been three times more profitable than Bitcoin BTC/USD alone.
Since Dogecoin mining started, the company has produced 227.9 million DOGE as of Nov. 27.
The company attributes the recent surge in Dogecoin's profitability to factors such as: Elon Musk's ongoing influence in the crypto space and regulatory shifts in the U.S. following Donald Trump's electoral victory.
What's Next: Dogecoin continues to be the apex meme coin, fueled by its community-driven appeal and speculative potential. Its mining profitability and recent rally highlight its staying power in a market dominated by newer projects.
Read Next:
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.
