dogecoin (DOGE) Price Increased by 30%, Exceeding 12 Cents, Is It the Beginning of a Parabolic Rally?
Dogecoin (DOGE), the world’s largest memecoin, joined the crypto market party, surging 33% in the last 24 hours and breaking above $0.1 for the first time since November 2022. At the time of writing, Dogecoin (DOGE) price is trading with a 33% increase. its price is $0.125 and its market cap is $17.91 billion.
Dogecoin (DOGE) Price Rally
As the Dogecoin (DOGE) price exceeded 12 cents, 24-hour trading volumes increased by a staggering 156% to $4.77 billion. Last week DOGE price increased by a staggering 50%, marking the beginning of the next bull run.
For the fourth time in Dogecoin’s history, the two-week supertrend is issuing a buy signal. Each time this signal has been confirmed in the past, it has led to sudden parabolic price movements for DOGE in the months that followed.
Additionally, Dogecoin is also witnessing strong whale accumulation. Data from blockchain tracking platform Whale Alert revealed that 276.21 million DOGE was collected from American financial services company Robinhood.
According to data from Whale Alert, two large whale transactions were responsible for collecting this significant amount from Robinhood. The first transaction showed an accumulation of 172.89 million DOGE worth $16.59 million with the address DEndnpPewG…gWLmkNMAtU. Meanwhile, in the second transaction, it was stated that the address DGG1Ght6LB…pcSXme8X5S purchased 103.32 million DOGE for a total of $9.87 million.
DOGE Price Target and Memecoin Rally
Well-known cryptocurrency trading expert Ali Martinez has issued a bold prediction predicting a potential parabolic breakout for Dogecoin. Martinez draws insights from historical chart patterns and the ever-evolving dynamics of the market, predicting that Dogecoin could skyrocket to $1.7 by April.
Recent Dogecoin price action has led to a rally in the memecoin space. Shiba Inu has also gained 20% in the last 24 hours and is currently trading at $0.00001301 with a market cap of $7.67 billion. Daily transaction volumes also increased by 70%, exceeding $1.5 billion.
Additionally, recent reports suggest that shiba inu will introduce a new privacy-centric network on top of the Shibarium blockchain, increasing the value proposition of SHIB tokens. At the same time, there was a significant 120% increase in Shiba Inu Futures Open Interest. Going forward, Shiba Inu price might target important resistance levels such as $0.0000119, $0.0000158, and $0.000018.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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