Dogecoin (DOGE), the dog-themed meme coin, has seen growing adoption, particularly among retail investors. The surge in activity suggests these investors are exhibiting Fear of Missing Out (FOMO). Despite the seeming waning market momentum in the broader cryptocurrency space, this development signals hope for a rebound.
Is DOGE’s modest rebound behind adoption?
In a post, altcoin analysts on X, Kate The Alt, used charts to show the increasing retail activity among investors. These retail traders are rushing to buy Dogecoin, possibly driven by a surge in price momentum.
Retail investors have FOMO on $DOGE. pic.twitter.com/s5VMR88HNr
— Kate The Alt (@kate_young_ju) November 27, 2024
Some analysts suspect that anticipation of increased utility after a change of administration in the United States (upcoming on Jan. 20) might have triggered it. This speculation lies in the role given to serial tech entrepreneur Elon Musk in the new Department of Government Efficiency (D.O.G.E).
Additionally, Kate The Alt highlighted increased activity in Dogecoin trades. Notably, the number of Dogecoin trades across all exchanges has hit an all-time high (ATH). This does not refer to trading volume but to the number of trades conducted regardless of their size.
This indicates that more participants are actively trading the coin due to FOMO. This increased trading activity could support positive price movement on the market.
Uncertainty hits Dogecoin’s $1 journey
As of this writing, DOGE’s price has increased by 0.83% to $0.3913. This rebound comes after DOGE slipped from a high of $0.3984 to a low of $0.3722 in the past 24 hours.
With recent price performance, though, speculations have trailed Dogecoin that its pursuit of the $1 milestone might fail to happen. This has been fueled by the recent retracement in the price of Bitcoin, the world’s leading digital asset.
DOGE’s price has rebounded after a major slump in the broader market. The correlation with Bitcoin might help the meme coin in its $1 pursuit as the broader market recovers.
