- Dogecoin has high liquidity based on its market cap.
- DOGE has outperformed 51% of the top 100 crypto assets.
Dogecoin (DOGE), created in 2013 as a parody, gained popularity for its meme-inspired origins and philanthropic community. Its value surged after endorsements from influencers like Elon Musk. Despite its abundant supply and meme status, DOGE gained traction as a payment method and speculative asset, with potential for further integration and adoption.
The Dogecoin has same amount of circulating supply and the total supply which results in 143.744B DOGE and the maximum supply of the crypto is infinite. This further results in a fully diluted market cap of $25.752B.
Dogecoin has witnessed a decline of 3.8% in its market cap in the last 24 hours following which the traded volume for the crypto has also witnessed a decline of 32.3%.
Dogecoin is the 8th largest cryptocurrency in the global cryptocurrency market and the market cap value of the crypto is $25.75B. Furthermore, the value of the traded volume for the crypto is $2.506B which results in a volume/market cap ratio of 9.81%.
The crypto has a medium supply inflation resulting in 3.58% and the market cap dominance of the crypto is 1.03%. Moreover, the volatility of the crypto is also very high resulting in 12.03% and the sentiment of the crypto is neutral.
The total value locked for the crypto is $6.36M and the recorded fees over the last 24 hours is worth $8.36K. Also, the all-time price for the DOGE was recorded on May 08, 2021, hitting a level of $0.7376.
Dogecoin Derivatives Analysis
The liquidation chart of the Coin shows a struggle between the buyers and the sellers as the long liquidation and the short liquidation for the crypto is almost the same over the last few days.
Following the last 24 hours, Dogecoin has witnessed a decline of 29% in its trading volume resulting in a traded volume of $4.48B. The open interest for the crypto has further declined by 7.7%.
The recorded long liquidation for the crypto is worth $5.81M against which the short liquidation for the crypto is just $1.93M in the last 24 hours.
Total Amount Of Holders Vs Active Holders
While the active addresses for the crypto has declined in the last few days, the total amount of holders for the crypto is consistently advancing. This indicates that the buyers are getting in the crypto and holding it.
DOGE Crypto Technical Analysis
The DOGE crypto price has broken above the crucial swing highs and is consistently advancing which is leading the price to higher levels. The price also is sustaining above the breakout levels indicating strong buying levels.
The following behavior of the DOGE crypto price indicates a strong uptrend and if the price retraces to lower levels and forms a bullish pattern, a further surge in the price might be witnessed.
DOGE/USD Chart by TradingView.com
The 20, 50, and the 200-day EMAs are trading in a golden cross followed by the price of the crypto trading above the following EMAs. The following behavior again depicts strong behavior in the price.
The MACD indicator depicts a bullish outlook as the metrics of the indicator are trading above the zero level. Despite this, the MACD and the signal line on the daily chart of the crypto have formed a bearish cross indicating the possibility of a retracement in price.
The RSI has declined below the 14-day SMA but is following a bullish cycle and is trading above the 50-level. This indicates the possibility of a further surge in the crypto price.
Summary
Dogecoin sustains breakout levels, indicating a strong uptrend. With high liquidity and a large market cap, DOGE remains the 8th largest cryptocurrency. Despite its meme origins, DOGE gains traction as a payment method, endorsed by influencers like Elon Musk. Technical analysis suggests further price surges ahead, supported by bullish indicators.
Technical Levels:
- Support levels: $0.07550 and $0.12300
- Resistance levels: $0.3300 and $0.48600
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.