Dogecoin Soars with a 20% Surge in Value ๐
๐ Dogecoin, the largest meme coin by market value, surged over 20% today, while BTC found buyers at $60,700. However, altcoins haven't seen desired gains except for a few like SOL, SHIB, and DOGE, which gained over 15%.
๐ฐ In the last 24 hours, Dogecoin's value surged by 30%, with its market cap reaching $18.6 billion. Interest in Dogecoin futures increased by 50%, with open interest hitting a record level of $1.09 billion. However, a market sentiment relaxation is expected.
๐ Other meme coins like BONK and Shiba Inu also became active today, reflecting rapid rises typical during such periods.
๐ฎ Market commentators like Kaleo and Rekt Capital express optimism about Dogecoin's future, predicting further price rises. Rekt Capital suggests a potential increase of over 300%, with a monthly close above the macro downtrend signaling a new uptrend for DOGE.
โ ๏ธ However, caution is warranted as Dogecoin is currently in the "overbought" zone according to CryptoQuant analysis, suggesting profit-taking may follow.
