Dogecoin (DOGE) Skyrockets 15% as It Eyes Pivotal Milestone

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As the overall cryptocurrency market crashes, dog-themed meme coin Dogecoin (DOGE) is showing signs of strength.

Dogecoin Systematic Recovery

The cryptocurrency ecosystem has been under intense selling pressure in recent days, with many investors seeking safety nets for their digital asset investments. A significant number of traders and whales have turned to liquidating their holdings to secure any remaining profits. On Thursday, CoinGlass indicated that Dogecoin was leading the liquidation of meme coins.

The altcoin recorded over $4 million liquidation in 24 hours. This was huge for DOGE, bringing the total DOGE liquidated to 41,554,054 units. On the bright side, this figure is still tiny compared to Bitcoin (BTC)’s $90.06 million liquidation in the same period. The liquidation also caused the meme coin’s price to fall by 7.89%, bringing its value to $0.1121 in 24 hours.

But over the past 24 hours, the dog-themed meme coin has seen a significant increase in market value. DOGE is up 15% and is currently trading at $0.1082. While this surge hasn’t fully covered its recent losses yet, it does reflect approval from large buyers who are confident in the crypto asset’s ability to recover soon.

This recovery could soon see the number of addresses surpass the big milestone of 100 million, which U.Today reported recently surpassed 90 million.

Dogecoin Experiences Significant Demand Zone

This comes after U.Today reported that DOGE has identified a significant demand wall that could provide support for the meme coin. The demand zone was established in the price range of $0.081 to $0.099. Within this range, it was found that approximately 11.36 billion DOGE was acquired by 1.14 million addresses.

Another identified price range is between $0.07 and $0.081, where even larger amounts of Dogecoin are held by a larger number of addresses. To be precise, around 23.72 billion DOGE is held by 1.16 million addresses in this range.

Notably, the recent price rally could draw more investors into the DOGE ecosystem in the coming days. If that happens, further bounces could be recorded.

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Godfrey Benjamin

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