What's up people! Dogecoin (DOGE) is making waves. It turns out DOGE stepped up and led the memecoin dance with an impressive 22% surge in a week. Just like you heard! It left Shiba Inu (SHIB) and PEPE eating dust, consolidating its position at the top of the meme universe. 🐶👑
Let's be honest, it's crazy that tokens based on internet jokes are worth billions of dollars, right? But that's the circus of cryptocurrencies. With a market capitalization of $35.8 billion, Dogecoin has a huge lead over its closest rival, Shiba Inu, which barely reaches $8.67 billion. It's like comparing a mastodon with a chihuahua. 🐕🦺 While DOGE soared with that 22%, SHIB only managed 12.5% and PEPE 8.7%. Not bad for them, but the big dog remains DOGE! The million-dollar question is: can it keep up this pace or is it just another sprint? 🤔
If we dig a little deeper, we see that the internal movements in the chain are interesting. Dogecoin owners who bought a long time ago have been taking profits since May. Imagine, if you have coins you haven't touched in months and suddenly you start moving them, it's because there's money on the table. 🤑 The average age of the coins and the MVRV ratio have decreased, which means people are selling their old DOGE to secure those profits. When the MVRV of the last 180 days rises by 15%, the temptation to sell is enormous!
But be careful, not everything is selling. If we look at the bigger picture, the net position of "HODLers" (those who hold their cryptos long-term) has been mostly positive this year. Yes, it dropped a little last month, but the long-term trend is accumulation, and that usually signals that people trust DOGE's future. 💎
On the technical side, the DOGE chart is on fire. Trading volume is through the roof, and the price just bounced off a key support level. It even touched $0.257, although it didn't hold there. It retraced by 6.6% to $0.24, nothing catastrophic, but worth noting. The RSI (a strength indicator) continues to point upwards, although money inflows have cooled a bit.
So, the $0.25 level is the litmus test. If Dogecoin manages to turn that resistance into solid support, we could see a new price explosion. It would be the perfect time for buyers who missed out to jump on the rocket! 🚀📈
Is this the beginning of something big for Dogecoin or just another bark in the night? Stay tuned, because in the crypto world, anything can happen!$PEPE $DOGE
