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- Dogecoin (DOGE) has once again seen a surprise pump following Elon Musk’s tweet
- Doge development activities are witnessing a healthy growth picking up from November end lows
- Although the project sees good growth, its long-term downtrend might continue
Since the beginning of this year, Dogecoin and other meme-coins have seen significant attention as the entire crypto market went mainstream. The year 2021 has remained one of the most significant years for the digital assets ecosystem. Significant crypto assets like Bitcoin and Ethereum have seen tremendous growth amid the global pandemic. And as the prices were soaring incredibly, the meme-coins entered the market and created a more extensive community.
However, as recently Bitcoin lost its momentum after achieving its last ATH, the larger market behind it took a bearish turn and noted red on their charts. In contrast, the most popular meme-coin, DOGE, again saw a surprise pump.
Will Doge constantly boom following Musk’s tweets?
After the last crypto flash crash, the entire market was trying to recover its bloodshed. Unlike other significant assets, meme-coins like Dogecoin and Shiba Inu saw some notable losses. However, this week, Elon Musk, the CEO of Tesla and SpaceX, announced that its electric car manufacturer firm would be making some merchandise buyable with the meme coin.
It is worthy of observing that the meme-coin saw a more than 25% rally over the past 24-hours following Musk’s tweet. Besides, the pump coincided with its social volume peaks. However, this is not the first time the coin has seen something like this. Musk’s tweets are always a bullish signal for DOGE. However, later the price of the asset plunged by more than 10%. Hence investors are eyeing where the Tesla CEO’s new stint will take the meme-coin this time.
Community seeks Dogecoin dry spell
Mid-falling notably earlier this month, Dogecoin plunged under the $0.195 support level. However, the digital asset is still traded at the lower $0.1807 level. At the time of writing, the coin is far by almost 75% from its ATH. Notably, the recent social attention that was backed by a retail euphoria saw in the coin’s $7.3 billion volumes a more than 600% rise from a day prior.
Besides, development activities also witness healthy growth picking up from November end lows. Additionally, active addresses and transaction volumes are also booming. Over the period of seven days, new wallet addresses changed by more than 51%, while active addresses jumped by more than 41% over the same period. However, observing the transactions, it has been noted that there are only a few big players in the scenario.
DOGE needs to spark its actual rally
Although the project sees good growth, its long-term downtrend might continue. And the rally of DOGE has become weaker as per analysts. The 30-day high of all the addresses with balance was more than 4.3 million addresses. Hence, such growth in the second half of the year seems to have declined significantly.
Besides, the retail euphoria and social volume pumps have managed to sail DOGE boats, but the price pumps are too weak. Following the scenario, the competitors of the cryptocurrency project, like Floki Pup and Floki Inu, are mushrooming with good gains.
