Dogecoin Resilience Lasts 8 Years, Is Another DOGE Rally Imminent?
Dogecoin may have been introduced as a joke, but the crypto asset has remarkable resilience. DOGE price is currently trading lower, but that may soon change.
Dogecoin is one of the giants of the crypto markets. It has been around since 2013 and remains a favorite among crypto aficionados.
Its position in the crypto top ten by market capitalization lies a testament to that longevity. Dogecoin climbed to the top-ten-ranked crypto a year after it was born.
According to coinmarket cap, DOGE was ranked 6th on the market cap chart this time 8 years ago. Its total capital at that time was about $19 million, today it is close to $12 billion.
Furthermore, DOGE is still in the crypto top ten, currently at the eighth position.
dogecoin is alive
Additionally, all but two coins that were in the top ten in 2014 (except DOGE) remain there today. These are bitcoin (BTC) and ripple (XRP).
The rest have either collapsed or fallen into obscurity. These include BitShares (BTS), MaidSafeCoin (MAID), NXT, Peercoin (PPC) and Counterparty (XCP).
Dogecoin’s on-chain activity is going through a somewhat quiet period. According to the daily average number of transactions on the network is approximately 21,750 intoblock, Nevertheless, it is still very similar to last year, showing steady network usage.
Furthermore, the total number of addresses with balances currently stands at 4.17 million. They have fallen 8.3% from an all-time high of 4.55 million in February.
There has been a slight increase of 21% in new addresses during the last week. Daily active addresses have increased by about 9% over the past seven days.
Daily transaction volume currently stands at 12 billion DOGE, slightly below the seven-day average of 15 billion.
This Friday as the markets turned red, DOGE price dropped by 2%. As a result, Meme Coin has dropped to $0.085 at the time of press.
DOGE has been trending lower over the past two weeks, down by about 16% in that period.
The Shiba Inu-inspired coin is currently down 88.2% from its May 2021 all-time high of $0.731. The Dogecoin Twittersphere is all hoping that Elon Musk will enable DOGE payments on his newly acquired social media network.
However, given the current state of the crypto ecosystem and the regulatory wrath that has followed, this is unlikely in the near term.
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