Buyers in the cryptocurrency industry are always looking for assets that show promise, and Dogecoin continues to be an alternative that can be considered in this regard. Dogecoin can be purchased from different platforms, such as the-crypto-boom.com Historically, this has been given by big players and larger assets such as Bitcoin and Ethereum; however, Dogecoin has witnessed greater growth during the course of the crypto winter.
In a bear market, the value of many cryptocurrencies might fall to new lows, reducing their profitability to new lows as well. The majority of the year was either profitable or unprofitable for bitcoin and Ethereum. Both Bitcoin and Ethereum are experiencing a significant portion of their owner bases suffering losses at the moment; however, Dogecoin is an exception to this trend due to the fact that a greater proportion of its holders are profiting.
The price of DOGE was triggered when Elon Musk took control of Twitter. Over the course of a few days, the meme coin’s price rose by over 100%, reaching a high of $0.15. At its current price of $0.08, Dogecoin (DOGE) holders are doing better than investors in other major cryptocurrencies, despite having seen a considerable percentage of their gains evaporate. According to IntoTheBlock data, while less than half of bitcoin and Ethereum holders are in the red, 57% of all DOGE owners are ahead. It’s a sharp reversal from recent losses; at present prices, only 17% of SHIB holders are profiting, making DOGE the clear underperformer.
Also, 69% of all buyers of the meme coin have kept their tokens for longer than a year, indicating that this cryptocurrency is popular among long-term investors. As a result of these several causes, sentiment regarding Dogecoin is far more bullish than it is for the rest of the market.
Although Dogecoin is doing well at the moment, its future price is still the subject of much discussion. The digital asset might easily reach a price of $0.1 in the near future. Nonetheless, Twitter’s current unpredictability is exerting negative pressure on DOGE.
Despite this, DOGE prices have remained consistently higher than their 100-day moving average. Even at these prices, this is indicative of solid investment signals for the crypto currency. If purchasing pressure keeps up, Dogecoin (DOGE) might quickly reach the $0.9 level, which is the next significant level of resistance.
There is also significant support for the DOGE coin at the $0.08 level, which would come in useful if the bears were to attempt to seize control of the situation. What the billionaire Elon Musk remarked about Dogecoin is that it is one of the cryptocurrencies with a positive future, which lends validity to the meme coin’s capacity to retain such a profit margin even through uncertain times.
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