Dogecoin Skyrockets 30%, But Indicators Suggest Temporary Spike

Share on Facebook Share on Twitter

The Bottom Line

The cryptocurrency Dogecoin (DOGE) has seen a price increase of over 30% in the last 24 hours, reaching a two-year high. This increase is directly linked to the recent price increase of Bitcoin (BTC), which also reached a three-year high. Despite this positive development, some indicators suggest that the current rise of DOGE may be short-lived.

DOGE at Two-Year High

The cryptocurrency Dogecoin, often referred to as “meme coin”, has experienced a remarkable price increase of 33% in the last 24 hours. According to data from CoinMarketCap, DOGE was trading at a price of $0.12 at the time this article was written. The last time DOGE reached this price was on February 11, 2022. This significant increase underscores the historical correlation between DOGE and the leading cryptocurrency Bitcoin, whose value also rose to a three-year high on February 28.

Possible Price Volatility

Despite the current upswing, there are signs that DOGE’s price increase may be short-lived. The Relative Strength Index (RSI) and the Money Flow Index (MFI) of DOGE were recorded at 88.04 and 87.79 respectively at the time this article was written. These high values suggest a possible exhaustion of buyers, which could lead to a price correction. In addition, the widely spaced bands of the Bollinger Bands (BB) indicator suggest increased volatility and possible price corrections in the short-term range.

Decline in Demand

A look at DOGE’s network activity shows a decline in demand for the meme coin over the past week. The daily number of newly created addresses trading DOGE has dropped by 13% in the last week. At the same time, the number of daily active addresses has fallen by 12% over the same period.

Our Assessment

Although the current price increase of DOGE is impressive, the data suggests that it may be short-lived. The high RSI and MFI values, as well as the widely spaced bands of the BB indicator, suggest a possible price correction. In addition, the decline in network activity indicates a decreasing demand for DOGE. Therefore, investors should be cautious and closely monitor market developments.

Sources: CoinMarketCap, IntoTheBlock, TradingView, Abiodun Oladokun

Share on Facebook Share on Twitter
Casinos: 38
Profile Dogecoin
Symbol DOGE
Coin type Alt Coin
Transaction Speed Medium
  • One of the fastest coins for payments
  • Easy entry into the crypto world
  • As an original Bitcoin parody, offers no technical innovations
Price 0,15 €
Percent Change 24h 2,75 %
Percent Change 7d 5,01 %
Percent Change 30d 7,89 %
Percent Change 60d -6,69 %
Percent Change 1y 130,74 %
Market Cap 21.785.882.059,00 €
Official Links
Socials Reddit | X
Best 3 Dogecoin casinos

Latest News

Created by

I had my first experience with slot machines in 2011 during my semester abroad in Las Vegas. Back in Germany, I wanted to play the same slots, but that was only possible online. Since then, I've been playing slots in online casinos and love crazy ideas.
Reviewed by
Nerd of Numbers

Last update: 12. March 2024 Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

We use cookies. By using this site, you accept them. - 100% unlimited Uncapped bonus for new customers Show Bonus