The most recognized meme coin, Dogecoin, joined the limelight recently, with the altcoin recording attractive surges within the past seven days. DOGE followed XRP (current leader), with its value soaring by 5% within 24 hours.
While publishing this post, Dogecoin traded at $0.06606, reflecting a 9% price surge over the past seven days. Surprisingly, the altcoin joined the LunarCrush top ten list of tokens by 1-weel AltRank. That meant a lucrative development as it showed Dogecoin was gaining prominence within the market.
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Everyone Adores DOGEs
Dogecoin’s massive surge in trading volume could be the driving force in the altcoins current surge. DOGE had this metric growing by over 220% within the previous day. That remained higher than any token in the large-cap cryptos.
Thus, it isn’t a surprise DOGE community cheered and began debating about the meme coin. That remained visible as Dogecoin joined the list of leading BNB chain projects as far as a social activity is concerned.
Moreover, few whale activities have impacted Dogecoin’s price positively. The addresses with 100 million – 1 billion DOGE soared by 5.13% within the previous week. Moreover, around six whales joined the DOGE network.
Considering these developments, DOGE seemed primed for price surges. Surprisingly, Buterin recently commented about Dogecoin. He said he anticipated the meme asset to resort to an energy-efficient proof-of-stake mechanism like the leading altcoin, Ethereum.
Dogecoin had its MVRV (Market Value – Realized Value) Ratio moving up amid these developments. That increased the probability of more price upticks. Nevertheless, Dogecoin’s development activity noted a considerable decline – a negative sign for any blockchain.
Dogecoin’s 24hr chart also revealed a bullish stance for the altcoin, with most indicators favoring upsides. The RSI (Relative Strength Index) and the CMF (Chaikin Money Flow) illustrate upsurges, indicating more price surges.
The MACD (Moving Average Convergence Divergence) also formed a bullish cross, suggesting buyer advantage within the marketplace. Nevertheless, the 20-day Exponential Moving Average remained beneath the 55-day Exponential Moving Average, which could restrict Dogecoin’s upside price actions.
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