Dogecoin continues to attract investor attention with its impressive price movements and a large, active community.
DOGE now is trading at $0.115, maintaining a position above the support level of $0.11.
Positive trading patterns
Trading trends suggest that Dogecoin might be ready to bounce back after a small-ish decline.
In the past day, DOGE has seen its trading volume increase by 72.52%, reaching approximately $939.75 million.
This signals renewed interest from traders, which could also signal a potential reversal in the price direction.
Crypto analyst Ali Martinez noted that the TD Sequential indicator is showing a buy signal, because the bear market may have hit its lowest point, making it a good time for investors to consider buying.
Buy signal: #Dogecoin pic.twitter.com/o8boPPXpov
— Ali (@ali_charts) October 14, 2024
An influx of new investors typically raises demand, which can lead to price increases.
Increased institutional interest
On-chain data also reveals heightened activity from large investors, whales. 700 million DOGE was moved from two unidentified wallets, valued at about $78.68 million.
While such large transactions can hint at shifts in market direction, it’s still unclear if this transfer is part of a trading strategy, or just a simple transaction.
Dogecoin also gaining traction among institutional investors. Being a proof-of-work coin, it offers an option for institutions looking to expand their mining operations.
The Dogecoin network’s hashrate now exceeding 1.3 PH/s and a mining difficulty above 18.9 M.
This strong network performance positions Dogecoin as a viable long-term investment for miners.
Growing community
One key reason for Dogecoin’s ongoing popularity is the support it receives from celebrities like Elon Musk.
The tech mogul has been a vocal advocate for Dogecoin and hinted at accepting it as payment at his companies, Tesla and X.
Musk’s backing has solidified DOGE’s status as a payment method in the crypto world.
The Dogecoin community expanded significantly in the past years, now comprising over 7.4 million holders.
Daily active addresses have reached around 133,880, marking the highest level in eight months.
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