Dogecoin has always been at the forefront of meme coins, capturing the attention of all market participants. With Elon Musk’s substantial support, the meme coin reached incredible price levels and now seems to be searching for its former glory. Even during periods of significant market movements last year, DOGE could only occasionally rise to the $0.1 level before retreating.
Dogecoin Commentary
In the cryptocurrency sector, as Bitcoin continues to trade at the $52,000 level and its price rise stalls, Dogecoin (DOGE) has also formed a parallel market structure, experiencing a pause even in its weak ascent.
Despite the negative price outlook, in the past few weeks, there has been tremendous transaction activity on the Dogecoin network, which has fueled optimism for the meme coin.
According to data shared by the DeFi market monitoring platform IntoTheBlock on February 19th, particularly since January 30th and up to the current day in February, the DOGE blockchain has been showing over 1 million transactions per day, revealing the high level of investor interest in the meme coin.
Indeed, according to the graph provided by IntoTheBlock, transactions centered around DOGE saw a significant uptick starting on January 28th and accelerating on January 30th, boosting investor confidence in the project and approaching 2 million daily transactions by mid-February.
Although it later fell below 1.5 million transactions, it rebounded again towards February 19th.
What is Dogecoin’s Current Price in Dollars?
DOGE, the 10th largest asset by market volume, is currently trading at a price level of $0.08693. This represents a 0.56% increase over the last 24 hours. Additionally, there has been a weekly gain of 4.06%, while the growth over the month has been 1.14%.
On the other hand, there has been a significant increase in the 24-hour trading volume. This could indicate DOGE investors’ appetite for the cryptocurrency and potentially trigger a price increase. This intense interest could drive DOGE back above the $0.15 level.
The overall market volume for DOGE also saw an increase of about 0.5%, settling above $12 billion.
