- DOGE coin price has decreased by 24.55% during the monthly trading session.
- Technical indicators summary suggests a bearish signal in the current phase.
- Dogecoin all-time high price stands at the $0.7376 level, and the current price is performing 80.48% below.
Dogecoin (DOGE) is an altcoin based on the popular doge internet meme featuring a Shiba Inu doggy. Created by Billy Markus, the open-source digital currency was envisaged as a fun, light-hearted cryptocurrency with the exception of greater appeal. DOGE coin is a native token initially used as a tipping reward for the creation and quality content on Reddit and Twitter. Dogecoin uses Scrypt technology, which differentiates this meme coin from Bitcoin’s proof of work (PoW) protocol.
Dogecoin Valuation, Supply Changes & Market Domination
The meme coin has released over 144 billion DOGE tokens in current circulation. Crypto has an uncapped maximum supply, which means there is no limit for miners to mine this coin. However, the uncapped maximum supply can also become the reason behind future inflation.
The full diluted valuation of DOGE crypto stands at $20.75 billion. It is also the current market capitalization of the cryptocurrency. The meme coin has a global crypto domination ranking of 8, making Dogecoin top 10 most dominant cryptocurrencies. The trading volume has reached $906 million in the last 24 hours.
The whales are holding 45.59% of the current circulation supply. The remaining other wallets own 54.41% of DOGE tokens. The Binance-pegged Dogecoin tokens have 820,612 holders, of which the top 3 wallets collectively own 736.44 million tokens. Bsc: token hub wallet holds the highest number of tokens, 27.57% of supply.
Price to Volume and Social Dominance Analysis
The social hike of cryptocurrency has shown positive impacts on the price and trading volume. A noticeable rise happened in social tweets across social media platforms after Feb 19, 2024. The social buzz covered almost 3.5% dominance in the entire crypto world, which reflected a positive impact on price and volume rise. The DOGE crypto is currently covering 1.95% dominance.
Technical Analysis of the Dogecoin (DOGE/USD)
The current price slipped between the key exponential moving averages, reflecting uncertainty in the current trend. The 200-day EMA can act as a dynamic support for the DOGE price.
DOGE price faced strong resistance from the $0.2292 level. Afterward, the price made an opposing movement of over 40% to the $0.1308 level. In recent sessions, the price got some bullish reactions from that level. Regarding the technicals, the price can fall to the $0.1256 bullish point of interest (POI) unless the price closes above the $0.2058 fundamental level.
The relative strength index (RSI) shows weak bearish momentum in the current trading phase. This can be an indication of a shift in strength reversal. The RSI is moving at 39.82 below the signal line.
Summary
The Dogecoin price showed a strong bullish rally in February 2024. The current crypto price has been facing bearish domination since April 2024. However, DOGE crypto has secured over 100% positive profitability during the six-month sessions. Regarding the technicals, the price can fall to the $0.1256 bullish point of interest (POI) unless the price closes above the $0.2058 critical level.
Technical Levels
- Resistance Levels: $0.2058 and $0.2606
- Support Levels: $0.1256 and $0.1063
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.