Dogecoin Price Spikes 10% Despite Crypto Market Bleeding
Release: 2024/05/25 18:24 Reading: 984
Dogecoin Surges on Kabosu's Passing, Signaling Bullish Outlook
Dogecoin (DOGE) has garnered attention once more, experiencing a surge in trading volume by over 35.67% since early trading hours, despite a general decline in the global crypto market. This spike in volume has propelled Dogecoin's price by nearly 10.5%, from $0.1562 to $0.1727.
The recent surge in Dogecoin's value coincides with the passing of Kabosu, the Shiba Inu who inspired the original Dogecoin meme. This viral meme, which gained popularity in the early 2010s, led to the creation of Dogecoin in December 2013. Dogecoin has since become the largest meme coin by market cap, inspiring numerous other dog-themed cryptocurrencies.
Interestingly, during the 2021 bear market, which intensified after Elon Musk's SNL appearance where he referred to Dogecoin as a "hustle," interest in DOGE waned. Additionally, the market witnessed the emergence of many new meme coins inspired by Dogecoin, diverting attention away from the original.
However, recent trends indicate a resurgence in Dogecoin's popularity, with trading volume increasing since the start of the year. Dogecoin (DOGE) has been trading between $0.16 and $0.19 after a pullback from yearly highs above $0.22. If the current upward momentum continues, Dogecoin could test resistance at $0.20, potentially triggering further rallies toward $0.22 and $0.25. A rise above $0.28 could signify a strong bullish trend, potentially ensuring a positive close for 2024.
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Dogecoin (DOGE) Price Chart (Source: TradingView)
Conversely, if Dogecoin fails to maintain its position above the critical resistance level of $0.16, it could find immediate support at $0.1321. A further decline could see resistance levels at $0.1278 and $0.1164, potentially trapping Dogecoin in a bearish trend and pushing it down to $0.0861.
In other news, Coinbase recently lost a Supreme Court case related to its Dogecoin sweepstakes. The U.S. Supreme Court ruled unanimously against Coinbase in a dispute over arbitration from the 2021 Dogecoin sweepstakes. Users had accused the exchange of false advertising, claiming they were misled into spending $100 to participate in the sweepstakes. The 9-0 ruling determined that a court must decide which legal agreement takes precedence when multiple contracts are involved.
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