Dogecoin (DOGE) rises by 12%, data shows further increases in the future

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The cryptocurrency market is recovering, with assets like Dogecoin (DOGE) rebounding from several months' lows. The price of Dogecoin has increased by 12.67% in the last 24 hours, pushing the meme coin's price up to $0.3379. According to the current on-chain data, the prospects for DOGE are also very bright.

In addition to the 24-hour price increase, Dogecoin's trading volume has grown by 9.6%, exceeding $11.6 billion in trading volume in one day. Such a massive trading volume proves there is enough liquidity to drive the trading volume of this meme coin, which is a unique driving force for price increases.

In the past week, Dogecoin fell from a high of $0.4109 to a low of $0.27. While Bitcoin's pullback is the only pathological factor, Dogecoin has also become one of the hardest-hit altcoins. As the market is in recovery mode, Dogecoin has yet to reach its weekly high, which means there is plenty of room for growth. On-chain indicators also suggest activity within the DOGE ecosystem. Whale transactions observed on IntoTheBlock have shown increased activity. This metric accounts for Dogecoin transactions of at least $100,000, surging by 41.12% to $23.35 billion. With strong support from such investors, the price is likely to rebound quickly to make up for the losses of the past week.

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