Dogecoin recently demonstrated a strong positive trend and remains the leading memecoin by market capitalization.
Edited By: Ann Maria Shibu
- DOGE has declined in the last 24 hours.
- Its dominance of the memecoin market cap remained strong.
Dogecoin [DOGE] recently demonstrated a strong positive trend, closing the previous week and commencing the current one on a strong note.
However, the last two days have seen a shift, with it experiencing some downtrends. Despite these recent declines, DOGE has successfully retained the gains it accrued over the last seven days.
Dogecoin sees a tiring bull trend
AMBCrypto’s analysis indicates that Dogecoin concluded the previous week with a notable 7% increase, pushing its price to around $0.13.
The momentum continued into the start of this week, on 21st July, with an additional 4% rise, elevating the price to approximately $0.14.
Despite this strong start, DOGE has faced some challenges maintaining these gains over the last two days.
Specifically, the daily time frame chart revealed that DOGE ended trading on 22nd July with a 1.70% decrease, bringing its price back to around $0.13.
The decline has persisted, with a further drop of over 1.8%, pushing it deeper into the $0.13 zone.
However, despite these recent declines, the technical indicators suggest underlying strength remains. The Relative Strength Index (RSI), currently at around 60, indicates that DOGE is still within a bullish trend zone.
DOGE retains weekly gain
Analysis of data from CoinGecko underscored Dogecoin’s status as the leading memecoin by market capitalization, currently valued at over $19.6 billion.
Over the past week, Dogecoin has impressively gained more than 11%. This uptick has occurred despite a slight setback in the last 24 hours, where it experienced a decline of over 1%.
According to the latest metrics, further data from CoinMarketCap revealed that Dogecoin’s trading volume was around $1.3 billion. However, there has been a noticeable decrease of over 9% in trading volume over the last 24 hours.
This reduction could indicate a cooling-off period following the recent price surge or a general decrease in trading activity, which could be reactionary to broader market conditions.
Over 50% of DOGE wallets “in the money”
According to an analysis of the Global In/Out of Money indicator by IntoTheBlock, most Dogecoin holders are currently seeing profits from their investments.
The detailed breakdown provided by AMBCrypto further elaborates that nearly 78.31% of all Dogecoin wallets, represented by almost 5% of addresses, hold their coins at a profit.
Read Dogecoin’s [DOGE] Price Prediction 2024-25
Conversely, about 1.17 million addresses, accounting for 18.31% of the total, are holding at a loss.
Additionally, the remaining 3.38% of addresses are at a break-even point, neither gaining nor losing at the current market price
