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Dogecoin

Dogecoin (DOGE) Up 25% In Two Weeks, Places One-Year Investors In Profit

Opeyemi Sule
by Opeyemi Sule
2 years ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amidst the dour market conditions, Dogecoin (DOGE) has been one of the major highlights in the crypto space in the past few days. From speculations of possible integration into Twitter to the ensuing positive price performance, this popular meme coin has enjoyed a bit of the spotlight lately. 

Interestingly, this significant run has also yielded some favorable results on the side of the investors, with a good percentage of the average DOGE traders now in the green.

DOGE Records 25% Gain In Two Weeks, Puts Average Trader In Profit

Data from the on-chain analytics platform Santiment reveals that the price of Dogecoin has experienced more than a 25% increase in the past two weeks. Thanks to this recent price movement, the average DOGE trader active in the past year is now up in profit.

Related Reading: Dogecoin Trading Volume At 16-Week High As DOGE Jumps 9%

It was also noted that the cryptocurrency is not in the dangerous FOMO zone yet, meaning that this group of investors could see even more profit.

Dogecoin

Source: santimentfeed/Twitter

The FOMO (an acronym for “Fear of Missing Out”) zone represents a period when several investors begin to accumulate massive amounts of a certain cryptocurrency. If DOGE enters this territory, the token’s price will likely experience an increase, with traders potentially seeing more gains.

As of this writing, DOGE is trading at $0.079367, with a 2.5% price jump in the last 24 hours. CoinGecko data also shows that the token has notched a 15% price increase in the past week.

According to popular crypto analyst Ali Martinez, DOGE has a significant support zone between $0.070 and $0.076. He noted that around 452,000 wallets purchased $51.4 billion worth of DOGE within this price range.

#Dogecoin | The most important support zone is between $0.070 and $0.076, where 452,000 wallets acquired 51.4 billion $DOGE.

Conversely, #DOGE faces stiff resistance at $0.083 and $0.088. pic.twitter.com/rzPNJEtvuR

— Ali (@ali_charts) July 26, 2023

On the flip side, the cryptocurrency faces “stiff” resistance at the prize zone between $0.083 and $0.088, which could pose a threat to further upward movement.

Dogecoin Dominates Social Charts

As earlier mentioned, Dogecoin has been enjoying the attention of investors, making it one of the most talked about assets or subjects in the crypto space lately. Elon Musk, Twitter owner and a vocal supporter of Dogecoin, recently changed his Twitter location to “XД, contributing to the token’s increased traction.

As such, DOGE has been found at the top of many social charts. For instance, the meme coin is ranked third amongst the top trending assets on CoinMarketCap, with first and second place going to the newly-launched Worldcoin (WLD) and Ripple’s XRP, respectively.

Related Reading: $100,000 Bitcoin Still In Sight, This Analyst Says, But With A Caveat

In addition, ‘Doge’ is among the top 5 trending subjects in the crypto space, according to data from behavior analysis platform Santiment. This reflects the token’s rising social dominance in the cryptocurrency industry in recent weeks.

Dogecoin

DOGEUSDT trading at $0.0785 | Source: daily DOGEUSDT chart from TradingView
Featured image from Unsplash, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Opeyemi Sule

Opeyemi Sule

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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.

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