Despite significant price declines across the cryptocurrency market, the world's largest meme coin Dogecoin (DOGE) has successfully maintained above a key level, avoiding a major drop.

On January 13, 2025, the overall cryptocurrency market experienced a substantial downturn, with major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) recording significant losses. The collapse of key support levels could further depress asset prices.

The interest among traders and investors is growing.
DOGE has experienced similar price momentum but has successfully maintained above a key level. According to on-chain analytics firm Coinglass, this is due to the rising interest among traders and investors over the past 24 hours, as they have placed significant bets on the DOGE meme coin.

Bullish on-chain indicators
Data shows that the long-to-short ratio for DOGEUSDT on Bina is 4.22, indicating that for every short position, there are 4.22 long positions, reflecting strong bullish sentiment among traders.

Currently, 80.83% of top traders on Bina hold long positions, while 17.17% hold short positions. The significant bets by Bina traders on the long side also help keep the support level at $0.30.

In addition to traders, long-term holders have also shown strong interest and confidence in the DOGE meme coin and appear to be accumulating in large quantities. Spot inflow/outflow data shows that exchanges have recorded over $45.05 million worth of DOGE withdrawals.

This indicates that long-term holders have taken the opportunity from the recent price drop to withdraw a significant amount of the meme coin. This substantial outflow of funds could create buying pressure and drive further upward momentum.

DOGE Price Prediction
Another factor attracting traders and investors, aside from lower price levels, is the support level. The last time DOGE reached this level, the price surged over 25%, breaking the $0.40 mark. Given the current market sentiment, investors and traders speculate that a similar upward rebound may occur this time.

Current Price Momentum
Currently, DOGE is trading at approximately $0.3247, with a price decline of over 4.20% in the past 24 hours. However, its trading volume surged by 90% during the same period, indicating increased participation from traders and investors.

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