The surge of Dogecoin may indicate a significant rebound, with historical evidence suggesting that, driven by active market engagement, Dogecoin could rise by 12,000%.
Current price trends and market sentiment
As of now, the trading price of Dogecoin is $0.3167, having slightly decreased by 1.43% in the past 24 hours, and significantly dropped by 21.23% over the past week. Its market capitalization is approximately $46.66 billion, with a 24-hour trading volume of $4.37 billion, highlighting the ongoing shift in market dynamics.
Long-term price data suggests that Dogecoin is currently operating within its logarithmic price channel, with key support levels at $0.065 and in the $0.19-$0.20 range. Resistance is at $0.39547, with a historical peak of $0.73665 set in 2021. Analysts predict that if Dogecoin replicates its historical growth trajectory, its potential ceiling could be $17.94.
On-chain activity reflects a rekindled interest from investors.
Latest data from IntoTheBlock shows a significant increase in network activity, with active addresses reaching 136,850 as of November 11. The total number of new addresses created during this period is 58,990, marking a substantial rise in Dogecoin community engagement.
In the past week, the creation of new addresses surged by 102.40%, active addresses increased by 111.32%, and zero-balance addresses grew by 155.33%, indicating rising participation.
The spike in address activity corresponds with Dogecoin's recent climb to $0.40, indicating a resurgence of interest from both retail and institutional investors. Additionally, whale transaction volumes have surged significantly, peaking at 9,410 transactions last week, a notable increase from the low of 2,450 transactions recorded on November 8.
Market data from Coinglass indicates a 24.83% drop in trading volume to $7.42 billion, while open interest in futures contracts decreased by 4.71% to $1.95 billion. Meanwhile, options trading volume plummeted by 58.52% to $427.08 million, with open interest in options contracts at $1.18 million.
Conclusion
In summary, Dogecoin's recent price trends, combined with the significant increase in address activity and whale transactions, suggest that prices could experience substantial volatility. Historical patterns indicate that Dogecoin could rise by 12,000%, and investors are closely monitoring market dynamics that could drive Dogecoin's increase.
