If there is one thing Dogecoin [DOGE] investors may be in agreement lately, it could be pushing the meme token to $0.1.

This is because the Elon Musk-backed cryptocurrency has defied all odds despite the momentum of the entire crypto market.

Of Bitcoin [BTC], Ethereum [ETH]and other top cryptocurrencies that failed to register substantial price increases, DOGE took the other route.

Its closest competitor, Shiba Inu [SHIB], which had outperformed the mint of late, was also unable to match. At the time of writing, DOGE was up 15.93% and it was trading at $0.088. So what could have driven DOGE to green in the wake of fluctuating market sentiment?

Retail Investor Magic

In the wake of this rally, retail DOGE investors appear to be in strong positions by pumping more volume into the Dogecoin ecosystem.

Crypto investor Lark Davis tweeted about the events as low-cap coins continued to pour into Dogecoin’s Decentralized Exchanges (DEXes).

According to the DEX screener, both the volume and transactions in the DOGE chain have been incredible increased.

At the time of writing, there was more than $13 million in volume and more than 152,000 transactions. In addition, the business showed no signs of stopping as a run of $500,000, $200,000 and $430,000 continued to pump into the meme liquidity chain.

Despite the rebound, DOGE’s seven-day run remained up 22.45% compared to SHIB’s 29.85%.

Whether it meets SHIB or not, DOGE .’s odds to beat a 40% rally in the third quarter (Q3) may have been confirmed.

Chances are, however, that the upswing won’t be sustainable once those involved in the memepump activity are done.

DOGE-in trend

While DOGE rose in price, several of its stats did not. On-chain analysis of Santiment revealed that the volume has not increased in the last 24 hours as it was a 0.45% decrease.

With trading volume of $1.39 billion, the 24-hour active addresses also remained in a neutral position.

Source: Santiment

While market capitalization was expected to follow the rise in price, development activity on DOGE was near its lowest level in July.

Source: Santiment

Like these statistics did not match the DOGE’s gains, it could be possible that expectations to reach $0.1 may be compromised.

However, underestimating the DOGE community is not something anyone would want to do. However, investors may need to remain vigilant as further rises and falls in prices remain possible.





This post Is there $0.1 on the cards for Dogecoin holders? The answer may surprise you

was published first on https://ambcrypto.com/is-0-1-on-the-cards-for-dogecoin-holders-answer-might-surprise-you/

Author

Write A Comment