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As the broader digital currency ecosystem goes wild, Dogecoin (DOGE) is not ready to be left behind. The first coin meme has flew by over 8% overnight and is currently changing hands at a price of $0.08978.
Chain maneuvers for the price of $1?
Dogecoin price has fully recovered all its losses from last month, as it is now trading with a growth of 29.66% during this period. These impressive moves signaled the altcoin’s willingness to clear a zero to retest the $0.1 level and, in doing so, reposition itself for another ambitious price rally in the future.
The on-chain maneuvers contributing to Dogecoin’s growth in this regard also stem from the growing buy-in and sentiment among traders of the coin. Data from CoinMarketCap shows that a total of $920,884,321 worth of DOGE was traded on exchanges in the last 24 hours, an increase of 75%.
With the structure of Dogecoin in which whale holders maintain a strong hold in the project, any attempt to retest $1 cannot happen without a full push from the largest HODLers. Data from IntoTheBlock shows that whale trading volume over the past week now stands at $1.02 billion, up $23.93 billion for the week.
Another crucial on-chain metric to note is DOGE’s parabolic growth of over 35% in daily active addresses (DAAs). Currently, active addresses have exceeded 82,000, reinforcing the hypothesis that Dogecoin is a token actively held by many people.
Market Sentiment Factor
Dogecoin’s growth, aside from its own inherent ecosystem trends, also stems from broader market sentiment. As Bitcoin continually leads the market recovery, coins with a high correlation to the asset, including DOGE, are bound to see more green days ahead.
Dogecoin’s market cap is pegged at $12,752,789,154, with a positive increase likely if BTC gains more bullish traction.