DOGE News: Will Dogecoin Reach $1 in August?
Release: 2024/08/02 17:24 Reading: 455
Dogecoin, the popular and fun cryptocurrency, has captured the attention of many. As we head into August, there’s a lot of excitement and speculation about whether Dogecoin will reach the $1 mark. With increasing interest from investors and positive market trends, the big question is: Will Dogecoin Reach $1 in August?
How has the Dogecoin Price Moved Recently?
Dogecoin is currently priced at $0.116777 with a 24-hour trading volume of $54.01 billion, a market cap of $16.87 billion, and a market dominance of 0.73%. The DOGE price has dropped by 3.20% in the past 24 hours.
Dogecoin hit its highest price of $0.738595 on May 8, 2021. Its lowest price was $0.00008547 on May 7, 2015. Since its all-time high, the lowest price Dogecoin has reached is $0.049701 (cycle low), and the highest price since then is $0.227362 (cycle high). Currently, the price prediction sentiment for Dogecoin is bearish, with the Fear & Greed Index at 57 (Greed).
Dogecoin has a circulating supply of 144.46 billion DOGE. The yearly supply inflation rate is 2.90%, which means 4.08 billion DOGE were created in the past year.
Will Dogecoin Price Rise?
The prospects for a rise in Dogecoin's price seem uncertain when examining current market data. According to IntoTheBlock, a substantial volume of sell orders—totaling over 730 million DOGE—has been placed on exchanges at an average price of $0.12. This sell wall, valued at roughly $92 million, indicates a strong selling pressure. Conversely, buy orders amount to only 380 trillion DOGE, pointing to an oversupply of around 2.5 trillion DOGE in the market.
This significant imbalance between supply and demand could put additional downward pressure on Dogecoin's price. The excess supply might prompt short-term sellers to reduce their asking prices to expedite the sale of their DOGE holdings, aiming to reallocate their investments into more profitable cryptocurrencies. In light of these factors, the near-term outlook for Dogecoin suggests a challenging environment for price increases, with market sentiment leaning towards a bearish trend unless significant changes occur in the market dynamics.
How high can Dogecoin Price go?
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