Hi Guys đŻ
Will Dogecoin $DOGE Recover in 2024?
Discover Dogecoin (DOGE)'s 2024 recovery potential. Dive into market trends, market performance, and key technical analysis.
Originally created as a meme coin, Dogecoin (DOGE) has surpassed expectations with 82.2% of its available coins currently showing as profitable according to Santiment.
Despite its playful origins, DOGE has garnered a substantial following and considerable market interest, partly driven by endorsements from notable figures like Elon Musk.
However, the pioneering meme coin has witnessed a decline in its value by over 7% over the past day and week. The question on many investorsâ minds is whether Dogecoin can recover and thrive in 2024, especially in the wake of recent market turbulence.
Current Market Performance of Dogecoin (DOGE)
Dogecoin (DOGE) has experienced a drop of 8.05% in the past day and 7.53% in the last week, to trade today at $0.1473. The pioneering meme coin boasts a market capitalization of $21.3 billion, earning it a position as the eight largest cryptocurrency.
DOGE has seen a surge of 103.12% in the 24-hour trading volume, reaching $1.7 billion. Although Dogecoin has experienced highs and lows, it is still significantly lower than its record high of $0.7376 on May 8, 2021, currently showing an 80.06% decrease from that level.
Whale Activity and Institutional Interest
A dramatic spike in the recent large transactions involving DOGE, with the volume jumping from 6.52 billion to 17.69 billion within just 48 hours, has caught the attention of market analysts and investors alike.
The total number of transactions exceeding $100,000 has risen to 1,520 from 975 in just two days, suggesting that major investors are becoming more optimistic about Dogecoinâs valuation.
This increased interest from large-scale investors often precedes significant price movements, as these whales can drive market dynamics with their substantial holdings.
