According to U.Today, Dogecoin (DOGE), a popular meme-themed cryptocurrency, is showing signs of recovery despite the recent downturn in the broader crypto market. The digital asset market has been under significant selling pressure recently, leading many investors to seek safer investment options. This has resulted in a number of traders and whales liquidating their holdings to secure any remaining profits.
On Thursday, data from CoinGlass revealed that Dogecoin was leading the meme coin liquidation, with more than $4 million liquidated in 24 hours. This brought the total number of liquidated DOGE to 41,554,054 units. Despite this, the figure was still small compared to Bitcoin's (BTC) $90.06 million liquidation during the same period. The liquidation also resulted in a 7.89% price drop for Dogecoin, reducing its value to $0.1121 in 24 hours.
However, Dogecoin has seen a significant surge in market value in the last 24 hours, registering a 15% increase and currently trading at $0.1082. While this increase has not fully covered its recent losses, it indicates that the cryptocurrency is gaining validation from its large buyers, who are confident in its ability to rebound soon. This recovery could potentially expedite Dogecoin's next major milestone of reaching 100 million addresses, having recently surpassed 90 million.
U.Today previously reported that Dogecoin has identified a critical demand wall that could provide support for the cryptocurrency. The demand zone was established in the price range between $0.081 and $0.099, with approximately 11.36 billion DOGE acquired by 1.14 million addresses within this range. Another significant price range was identified between $0.07 and $0.081, with about 23.72 billion DOGE held by 1.16 million addresses. The recent price rally could potentially attract more investors to the Dogecoin ecosystem in the coming days, potentially leading to further rebounds.