Dogecoin [DOGE], one of the most popular memecoins, has recently returned to the spotlight with promising gains in the past seven days. DOGE’s performance was right behind the current flagship XRP, growing in value by 5% in 24 hours.
At press time, DOGE is trading at $0.06606, up 9% in seven days. Interestingly, DOGE also made the Lunar Crush Top 10 Coins list with the weekly AltRank. This was a positive development as it indicated that DOGE was gaining some importance in the market.
while global # encrypt Activity is down this week, and the top 10 coins with AltRank™ for a week are:
Insights: https://t.co/LUWCvFrLrD pic.twitter.com/TKP3mGEoSi
– LunarCrush (LunarCrush) September 23, 2022
Everyone loves dogs…
The main driver behind this increase could be the massive increase in DOGE’s trading volume. DOGE’s volume has grown over 220% in the past day. This was much higher than all other cryptocurrencies with the largest market capitalization.
Therefore, it is not surprising that the community gets excited and starts talking about the token. This was evident from the fact that DOGE was among the best BNB chain projects in terms of social activity.
– Phoenix 🇺🇦 (@pnxgrp) September 23, 2022
In addition, there has been a lot of electoral activity which may have a positive effect on the price of DOGE. The number of addresses that can accommodate 100 million to 1 billion dog By 5.13% in the last week. In addition, nearly six new whales have joined the Dogecoin network.
Dogecoin | Number of addresses that can accommodate 100M – 1B Doge It rose 5.13% in the last week. About 6 new whales joined the network and collected about 620 million dogs.
With that in mind, I will be getting a brand new bag from #DOGE pic.twitter.com/0TaysaPIog
– Bull.BnB (@bull_bnb) September 23, 2022
Given all these developments, the price hike for DOGE appears to be profitable. Interestingly, Vitalik Buterin also recently spoke about DOGE in a an interview. He said he expects DOGE to also adopt a more energy-efficient PoS consensus mechanism like Ethereum.
Silkis: Should all networks move to point of sale?
– Messari @#Mainnet2022 (@MessariCrypto) September 23, 2022
At the same time as this development, DOGE’s Market Cap for Realized Value (MVRV) also moved higher, increasing the chances of another increase. However, DOGE’s development activity has dropped significantly, which is generally a negative sign for the blockchain.
A look at price performance…
dogThe daily chart also painted a bullish picture as most of the market indicators were in favor of the currency. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) posted gains, indicating higher prices.
The Moving Average Convergence Divergence (MACD) also showed a bullish crossover, indicating the advantage of the buyers in the market. However, the 20-day moving average was lower than the 55-day moving average, which could limit the price rally of DOGE.