Dogecoin (DOGE) made an impressive recovery today, becoming the fastest-growing cryptocurrency among the top 10 cryptocurrencies by market capitalization. The popular meme coin surged over 10%, rising from $0.3254 to a high of $0.361
This remarkable uptick boosted Dogecoin’s market cap to over $52 billion, ranking seventh on the crypto list, according to CoinMarketCap. At the time of publication, the price was $0.354, representing an 8.36% increase and 0.4% rise in the past day and week, respectively.
Currently, the broader crypto market showed signs of recovery after a challenging week that saw major tokens like Bitcoin and Ethereum lose significant value.
Dogecoin Ranking, Source: CoinMarketCap
Memecoins, however, outpaced their peers, with Shiba Inu (SHIB) climbing 4.76% % to $0.00002145 and Floki (FLOKI) and Pepe (PEPE) both gaining 6%. Pepe’s 6% rise propelled it back into the top 30 cryptocurrencies by market cap, currently ranked 25th with an over $7 billion market valuation.
Dogecoin’s resurgence followed a challenging week, during which it shed 10% of its value to a low of $0.315. The broader market dip could be attributed to profit-taking and macroeconomic concerns
However, sentiment has shifted positively for DOGE, fueled by favorable technical signals and high-profile endorsements. After losing 28% of its market cap since its December high, signs now point to renewed optimism.
Whale Activity Signals Strength
Dogecoin also saw a significant uptick in whale activity. Between January 9 and 10, large investors bought 470 million DOGE tokens, reinforcing their confidence in the asset’s potential.
DOGE Weekly Price Chart, Source: CoinMarketCap
Technically, DOGE is trading the 50-moving average, which is acting as the nearest price resistance level to the upside. The price is, however, above the 200-moving average. The Relative Strength Index is at 52, meaning the price can rise further before any change of sentiment.
Earlier in the month, whales reportedly acquired over a billion DOGE in a single day. On derivatives markets, 81% of open interest in Dogecoin futures on Binance remains long, suggesting bullish sentiment among traders.
Dogecoin Technical Outlook, Source: TradingView
Elon Musk, known for his influence on Dogecoin’s trajectory, provided indirect support with a playful nod. Musk’s recent posts about efficiency, aligning with DOGE-themed references, may have rekindled interest in the cryptocurrency.
With robust whale activity, optimistic technical forecasts, and recovering market sentiment, Dogecoin appears poised for further gains. As the cryptocurrency market navigates its latest rally, DOGE’s performance reinforces its reputation as a dynamic asset with strong community backing.
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