In the meantime, Dogecoin reached a peak in trading volume at around 70 billion US dollars. Just to compare, the SPY (mostly traded ETF) yesterday had a trading volume of 25 billion US dollars.
Those who have been active in the crypto market for a long time know that Dogecoin does not have an active developer community and that the last entry on the Github developer platform was two years ago.
But sometimes, the “expert knowledge” doesn’t help and you have to accept that supply and demand determine the market, and the demand is immense. As the saying goes: “The trend is your friend until the end.” The media attention regarding Dogecoin has been insane, and the surge has proven that people want to buy and own Dogecoin.
As already mentioned in an article yesterday, it is good that many people are interested in Dogecoin, as this is probably the first time they have come into contact with the crypto market with DOGE. This is also shown in the following figure, which shows the most trending apps in the USA. The trading app Robinhood, which Dogecoin offers for trading, was in first place yesterday, ahead of TikTok, YouTube, Instagram, and Snapchat.
The precise analyst Kaleo shared another chart today that could show the further price development. In the following chart, you can see that the trader suspects that Dogecoin could briefly break above $ 1 before a major correction is due.
In another update, he emphasizes that it is currently the last dip (price fall of DOGE) before the full-blown bull run towards $ 1 continues. He also stresses that Dogecoin may not break the $ 1 mark, but the level above + $ 0.80 would be good enough for him.
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Disclaimer: These lines are not a substitute for investment advice, investments in the crypto market are made at your own risk. Invest only as much as you are willing to lose. I get commissions for purchases made through links in this post.