Dogecoin (DOGE) Rises to New Highs! Will the Bull Rally Continue?
Dogecoin, often viewed as the leading memecoin, has gained 14% over the past week, catching the attention of the cryptocurrency community. This bullish trend has continued with a 4% gain over the past 24 hours, taking Dogecoin to $0.1369, according to CoinMarketCap data. This leap not only demonstrates the strength of the Dogecoin bull run, but also consolidates its position as the eighth-largest cryptocurrency by market cap, which currently stands at $19.88 billion.
Dogecoin's price rise has had a knock-on effect on its social metrics. Increased social volume indicates a return of popularity, and rising weighted sentiment indicates a more optimistic outlook among investors. Roughly 77% of Dogecoin holders, equivalent to nearly 50 million addresses, are in profit, which strengthens confidence in Dogecoin's upward momentum.
At the time of writing, DOGE is trading at $0.1369 with a market cap of over $19.88 billion, making it the eighth-largest cryptocurrency.
Driven by bulls, the price of Dogecoin hit a 34-day high. The bullish price action also had a positive impact on Dogecoin's social indicators.
Despite the bullish market trend, some on-chain indicators sent cautious signals. Uncertainty among Dogecoin miners is visible, and miner net flow data hints at possible selling. Derivatives market indicators, especially Coinglass's long-short ratio, showed a decline, indicating an increase in short positions, which may trigger bearish sentiment in the market. These factors indicate that memecoin may face a period of volatility.
