The leading meme coin, Dogecoin, has enjoyed a positive few weeks, with IntoTheBlock data showing 84% of holders are currently in profit as DOGE prepares for a bullish start to June. Indeed, the asset is looking to benefit from positive market sentiment as it ends May on a high note.
Currently, the asset has been up nearly 16% in the last 30 days, according to CoinMarketCap. Subsequently, its currency price of $0.164 has been up over the past 24 hours as well. If its volume sustains at its current mark, there could be more room for the asset to hit the ground running at the start of next week.
Also Read: Dogecoin (DOGE) Could Rally 100% to $0.32: Predicts Analyst
Dogecoin Holders Benefit From Bullish Rally to End May
For the digital asset market, meme coins have become a critical story just five months into 2024. Indeed, newcomers have increased competition throughout, as the market’s mainstays have proven their increased relevance within the ever-evolving digital asset sector.
Now, the leading meme coin, Dogecoin, is benefiting adopters, as 84% of all holders are in profit, with DOGE poised to surge at the start of June. Specifically, the cryptocurrency is seeking to continue building off of increased positivity throughout May’s final week.
Not only has the original meme coin been rallying for much of the last 30 days, but it has also increased its overall value in the greater market view. DOGE had surpassed Cardano to enter the top 10 cryptocurrencies by market cap. Moreover, it is now the fifth most valuable non-stablecoin crypto in the market.
Also Read: Dogecoin: How High Can DOGE Surge In June 2024?
Furthermore, technical observation shows that Dogecoin could enjoy even more bullish sentiment in the immediate future. The token is trading above the 200-day Simple Moving Average (SMA) and Exponential Moving Average (EMA). These figures display long-term trends, and DOGE’s readings indicate a continued upswing.
Additionally, the cryptocurrency market is preparing for increased market participation from the recently approved Spot Ethereum ETFs. The investment product is yet to officially go live. When that does occur, there should be a direct impact on a plethora of tokens, with the leading meme offering being among them.
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