#doge⚡
Dogecoin rose 6% in 7 days, depicting the future of Dogecoin!
Dogecoin has recently shown signs of recovery, with a weekly increase of 6.7%. Some analysts predict a big bull run and see the support of the historical trend line as a key signal.
Dogecoin, the meme-inspired cryptocurrency, has now recovered significantly after a period of decline, bringing a lot of optimism to the cryptocurrency market.
So far, the price of Dogecoin is $0.1046, up 6.7% from last week.
It has rebounded from the low of $0.082 on August 5.
It is particularly noteworthy that Dogecoin has also risen steadily by 1.2% in the past 24 hours, standing firmly above $0.1, which is likely to be an important support level for it.
Let's talk about market sentiment. By looking at some behind-the-scenes data, we can get a clearer understanding of the market performance of Dogecoin. Data from IntoTheBlock shows that the trading activity of whales, who own a lot of Dogecoin, has been quite volatile recently, but it is worth noting.
On August 5, the trading volume of whales suddenly surged to more than 1,500 large transactions, which means that they began to be active, which coincided with the recovery of Dogecoin prices.
Although the activity dropped again on August 12, it rebounded again today with more than 600 transactions. This activity of whales may mean that they are more confident in Dogecoin and help stabilize the price.
The profitability of Dogecoin holders is also quite good now, especially compared with other meme coins. About 73% of Dogecoin holders are now profitable, while competitors such as Shiba Inu and Pepe have less than 60% of profitable holders.
When it comes to market expectations, it is a bit complicated. Although the open interest of Dogecoin rose by 2.38% to $485.62 million, showing that market participation is increasing, the total amount of open interest has dropped sharply by 55% and is now only $651.52 million.
Currently, the bull market is surging, and we have the opportunity to share passwords every day.
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