Dogecoin, a meme coin designed as a spoof on Bitcoin and launched as a side project in 2013 by two IT engineers (one of whom dwells on X as “Shibetoshi Nakamoto”), has increased by more than 10%, rising from $0.0730 to $0.0813.
DOGE has risen for two days in a row. Overall, the leading meme currency has increased by 14.74% in the previous 48 hours.
According to CoinMarketCap, trade volume has climbed by more than 15% in the previous 24 hours, hitting $1,150,262,483.
Despite the growing price, the Dogecoin Fear and Green Index, which also exists for Bitcoin, Ethereum, and other cryptos and measures market mood, now stands at 68 and stays in the Greed zone. This suggests that the market may be overheated, and traders and investors are likely to begin selling DOGE in order to benefit from it, causing the price to fall.
When the index begins to exhibit “fear,” it indicates that this is a strong purchasing opportunity, and market players are likely to begin stockpiling a coin, driving up its price.
As previously reported by U.Today, analyst Ali Martinez posted a figure generated by on-chain data business IntoTheBlock earlier this week. According to the graph, DOGE was “navigating a tight zone sandwiched by two critical supply walls.”
The chart offered the possibility of a Dogecoin breakthrough. Martinez believes it is possible if DOGE can break beyond the $0.076 barrier. In that scenario, he said, all focus should be on “the next significant hurdle at $0.084.”
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