Dogecoin (DOGE) renews expectation of rally as Meme 1.0 tokens gain ground
Release: 2024/07/25 21:09 Reading: 486
Dogecoin (DOGE) Poised for Rebound Despite Market Correction
Following a period of stabilization at $0.12, Dogecoin (DOGE) is exhibiting signs of a resurgence as a prominent meme coin.
Market Dynamics
Unlike other meme coins, DOGE stands out as a well-established asset. Despite recent sideways trading, recent price action suggests a potential breakout. DOGE briefly touched $0.13 before settling back into the $0.12 range.
Wallet and Exchange Activity
DOGE's meme potential is evident in increased wallet and exchange activity. Within the past month, Binance reported net inflows exceeding $333 million in the DOGE market. Buying volumes remain dominant, albeit with 48% of all trades.
Market Comparison
While DOGE represents over 30% of the meme coin market, it faces competition from newer meme tokens. Despite a 24-hour turnover of $933 million, DOGE is currently surpassed by Pepe (PEPE) at $1.02 billion.
Whale Movements
The largest DOGE wallet, holding 21.7% of circulating coins, witnessed an inflow of over 799 million DOGE ($98 million) on July 24th. This transaction is linked to the Robinhood fintech app, potentially supplying more DOGE to retail investors.
Super Cycle Prospects
DOGE's role in a potential meme super cycle remains uncertain. Metrics suggest that it lags behind other meme assets in terms of weekly holder growth. However, its early adoption and loyal community provide a competitive advantage.
Trading Profile
DOGE's trading profile has shifted, with Binance and WhiteBIT becoming the dominant exchanges. Interestingly, over 22% of DOGE trading occurs against FDUSD, WhiteBIT's native stablecoin.
Outlook
While reaching $1 is a realistic target for DOGE, a price rally is not imminent. Despite facing competition from newer memes, DOGE benefits from a mature trading infrastructure, liquidity, and a large base of early adopters.
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