- Dogecoin will celebrate its 10th anniversary on December 6. This humorous cryptocurrency has completed a decade since its launch in 2013.
- During all this, the price of Dogecoin has surged significantly, finally breaking the $0.1 resistance and starting to move towards $0.12.
- Social trends play a crucial role in determining DOGE prices. The increasing Dogecoin social trend indicates that people might enter the market to make a profit.
Dogecoin will celebrate its 10th anniversary on December 6, and ahead of this celebration, there is a significant increase in the DOGE price: Will the upward trend continue?
Popular memecoin Dogecoin marks its 10th year
Dogecoin will celebrate its 10th anniversary on December 6. This humorous cryptocurrency has completed a decade since its launch in 2013. To celebrate this significant milestone, the Dogecoin community organized a virtual party event.
During all this, the price of Dogecoin has surged significantly, finally breaking the $0.1 resistance and starting to move towards $0.12. At the time of writing, the Dogecoin price was trading at $0.10, and the 24-hour trading volume was recorded at $2.4 billion. This represents a more than 15.53% increase in the past 24 hours and a 25.85% increase in the last 7 days.
Historically, Dogecoin prices have tended to decline around December 6-7. However, the current scenario is different. The crypto market is supported by a bull market carrying other altcoins, driven by an impressive increase in Bitcoin’s value.
Social trends play a crucial role in determining DOGE prices. The increasing Dogecoin social trend indicates that people might enter the market to make a profit. Dogecoin (DOGE) recently broke above a rising megaphone pattern, surpassing the $0.1 resistance after 8 months. The previous resistance, now serving as support at $0.08, has significant trading volume, surpassing many other altcoins. Notably, the 50-day moving average is well below the current trading price at $0.06.
The 14-day Relative Strength Index (RSI) is indicating an overbought condition at the 79 level, suggesting a potential upcoming correction. The current surge, driven by events, could lead to a subsequent downturn as the impact of the events diminishes. Short-term sellers might create selling pressure that could pull the price below $0.09.
DOGE Network Activity is Increasing
In the fourth quarter of 2023, Dogecoin is positioned as a leader in monthly price performance in the mega-cap meme coin sector. As reported by IntoTheBlock, the increase in DOGE daily transactions emerges as the main catalyst for the recent price surge.
Despite concerns about a potential price correction after a sharp decline in DOGE transactions between November 28 and December 2, the Dogecoin network witnessed a notable revival during this week’s overall crypto market rally.
After a brief fluctuation to 525,830 on December 2, DOGE transactions surged to over 1.46 million on December 4, nearly a 300% increase. The increased activity highlights Dogecoin’s resilience and its capacity to respond to market dynamics.
