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The price of DOGE was up 2.25% or trading at $0.05813, according to CoinMarketCap. Many traders have purchased DOGE at cheaper prices as a result of the recent decrease experienced in August.
At this point, DOGE appears unstoppable as the second-largest proof-of-work blockchain network and the tenth-largest cryptocurrency in terms of market capitalization. Since September 18, Polkadot, which has a valuation of roughly $576.235 million, has been predicted to be surpassed by Dogecoin.
Investors should pay close attention to Dogecoin (DOGE), as the well-known meme coin predicts a 30% increase in price over the next few days.
Bears Will Lose To Bulls After 30% Rally
According to the Fibonacci Retracement tool, the 8-hour chart reveals that the August high was around $0.092 and the most recent low was found at $0.054, indicating a retracement of 63.4% at the $0.08 level.
A 30% price gain could severely hurt the bears if the on-chain numbers are right. Furthermore, the 4-hour chart also exhibits tepid signs of a bullish divergence, suggesting that Smart Money has entered the market.
The unexpected surge in DOGE may be related to the volume seen over the last several days. The trade volume for the meme coin is expected to increase from 202.16 million to 344.5 million.
The fact that the volume of the meme coin has increased over the last few days may be one factor in DOGE’s development.
At the time of publication, the volume had increased from 202.16 million to 263.32 million. Not only has the trading volume increased significantly, but so too have the active wallet addresses. On September 15, there were 113k dynamic wallet addresses; on September 18, there were 120k.
Additionally, Dogecoin’s velocity increased, indicating a rise in trading activity.
The fact that DOGE’s pump in hash rate has increased by 4.86% over the previous week, demonstrating the durability and security of the Dogecoin, is also likely to draw additional miners.
Drop in Dogecoin Social Metrics
However, DOGE’s social media numbers have drastically decreased. A bad month, August saw a 30.02% decline in DOGE’s social mentions and a -39.82% decline in social engagements. DOGE prices could be harmed by the drop in social media metrics.
Another disappointing development is that the number of wallets dropped by as much as 13.04% over the last 30 days, suggesting that whales’ interest in DOGE may have peaked in August.
Overall, traders are advised to exercise caution due to meme currencies’ infamously high volatility. Even DOGE prices are susceptible to sudden changes in response to any fresh information or even Elon Musk’s comments.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
