The price of Dogecoin is up nearly 30% today, with trading volume skyrocketing, signaling growing investor confidence in the crypto market. Additionally, the rise of DOGE has also propelled a rally in the broader meme coin space. Amid this, a leading market expert predicts that the dog-themed meme coin will next hit $2.4, sparking renewed hope among traders towards the digital asset space.
Dogecoin Price to Hit $2.4 Amid Crypto Market Rally
Dogecoin’s recent price rally has caught the attention of investors amid positive momentum seen in the broader crypto market. In particular, the world crypto market cap hit $3 trillion mark today again after 2021, indicating growing market interest in the digital asset field.
Amidst this, Ali Martinez, a prominent crypto market expert, shared an optimistic outlook for crypto. In a recent X article, Martinez shared a price chart for DOGE and said the crypto would likely reach $2.40. Fueling further optimism, the analysis even noted that the highest coin could aim for $18 next after hitting the brief $2.40.
Furthermore, Santiment also highlights the growing appeal of best coins among investors. The report highlights that Dogecoin DOGE has seen a significant influx of new retail investors, with 74,885 wallets containing less than 100,000 DOGE added over the past four weeks.
Meanwhile, shark and whale wallets initially declined by 350 during this period, but partially rebounded with the return of 108 in recent days. This renewed interest helped DOGE break the $0.40 barrier today for the first time in three and a half years. Notably, analysts are now waiting for the coming days to determine whether major stakeholders will continue to support this momentum, which could indicate a sustained uptrend for the popular coin.
Why is DOGE increasing?
The optimism seen in the broader crypto market has sent Bitcoin Price Hits New High of Nearly $90,000 Today. Moreover, the best altcoins The meme coin sector also followed suit, reaching new highs after months of highly volatile trading.
At the same time, Donald Trump’s victory in the US elections also contributed to the rise of digital assets. Specifically, Elon Musk’s focus on creating the Department of Government Efficiency (DOGE) has also driven the price of Dogecoin higher in recent days. The short form of The DOGE department proposed by Elon Musk boosted market sentiment while pushing DOGE higher.
DOGE price today was up about 30% and trading at $0.39, while its one-day trading volume soared 107% to $40.36 billion. Notably, the crypto hit a 24-hour high of $0.4359, its highest level since 2021. Furthermore, derivatives data by CoinGlass showed that Dogecoin Futures Open Interest rose 12% to $2.9 billion, further reflecting growing market sentiment.
Despite this, investors should exercise caution due to the volatile nature of these assets. Although the future of Dogecoin price looks promising, volatility remains, which can significantly impact traders if not traded carefully. Additionally, Ali Martinez also recently highlighted a sell signal for DOGE, indicating a potential correction ahead of a further rally.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. Its role involves publishing articles, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting relevant economic information. Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with diverse audiences.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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