Dogecoin is on a bullish run over the past week, rising 16% compared to the beginning of last week. At press time, DOGE is trading at $0.1253 following a dip below $0.10 during the 4th of July holiday in the US. Some analysts think the run has only just begun, and Dogecoin could peak at its all-time high levels by the end of August if a historical chart pattern holds.
According to data from IntoTheBlock, exchange netflows have surged 799%. Dogecoin transactions greater than $100,000 have also spiked. The data also reveals that 75% of Dogecoin holders are currently in profit. 67% of holders have accumulated the coin for more than a year, while 32% of holders hold the coin for one to twelve months.
The increased activity around Dogecoin as of late is only positive for the near future of Dogecoin. While this is great news, it’s unclear if a new all-time high can come as some analysts are suggesting. For context, the all-time high for Dogecoin is $0.7376, which it reached during the crypto boom of early 2021. DOGE had a solid start to 2024, but following the turn to Spring, the asset began to dip. Since the start of the Summer, Dogecoin trading volume has performed well, but its price has not followed.
Also Read: Dogecoin: Can $1000 Of DOGE Become $1 Million By 2028?
Will Dogecoin Boom in August?
Meme coins as a whole have performed well for the majority of 2024. The “meme coin boom” hasn’t fully come yet. However, with Bitcoin looking at a rally phase at press time, meme coins like Dogecoin can flourish. Most of the crypto market follows the path of Bitcoin, including slumps or climbs. With BTC looking to jump for the next month, the dog-themed currency could perform well also, but a new ATH remains to be seen as a potential outcome.
Analysts at Changelly feel that a new ATH isn’t coming any time soon, but agree that DOGE is set to rally. The price predictions remain at ground level, around the $0.15-$0.20 mark for August. The dream of Dogecoin reaching an all-time high of $1 seems distant, but if Bitcoin blows up again, perhaps all meme coins could creep to new ATHs.
Credit: Source link
