- The death of Kabosu, the dog that inspired Dogecoin, triggered a brief price rally for DOGE.
- Dogecoin’s trading volume climbed by over 35% in the past 24 hours.
- This surge in volume led to a 10.5% rise in Dogecoin, pushing it above $0.17.
Dogecoin (DOGE) is once again capturing attention as its trading volume has surged by over 35.67% since early trading hours, despite the global crypto market experiencing declines. This spike in volume has led to a nearly 10.5% increase in Dogecoin’s price, pushing it from $0.1562 to $0.1727.
The crypto market sentiment has turned bullish, particularly following the launch of the spot Ethereum ETF. However, as the initial excitement has settled, major cryptocurrencies have shown a decline, returning to their usual average states. Amidst this, Dogecoin is signaling a bullish outlook, Will the bulls hold the hype on the DOGE?
Dogecoin experienced brief price spikes following the recent death of Kabosu, the Shiba Inu that inspired the original Dogecoin meme. The viral meme from the early 2010s led to the creation of Dogecoin in December 2013, which has since become the largest meme coin by market cap and inspired numerous other dog-themed cryptocurrencies.
Interestingly, during the 2021 bear market, which intensified after Elon Musk’s SNL appearance where he referred to Dogecoin as a “hustle,” interest in DOGE waned. Also, the market saw the rise of many new meme coins inspired by Dogecoin, diverting attention away from the original.
Since then DOGE has been trapped in occasional bullish surges, they were short-lived and triggered by Musk’s appearance. However, recent trends indicate a resurgence in Dogecoin’s popularity, with trading volume increasing since the start of the year.
Dogecoin (DOGE) Maintains Stable Price Range
After a pullback from yearly highs above $0.22, Dogecoin has been trading between $0.16 and $0.19. If the current upward momentum continues, Dogecoin could test resistance at $0.20, potentially triggering further rallies toward $0.22 and $0.25. A rise above $0.28 could signify a strong bullish trend, potentially ensuring a positive close for 2024.
Conversely, if Dogecoin fails to maintain its position above the critical resistance level of $0.16, it could find immediate support at $0.1321. A further decline could see resistance levels at $0.1278 and $0.1164, potentially trapping Dogecoin in a bearish trend and pushing it down to $0.0861.
In other news, Coinbase recently lost a Supreme Court case related to its Dogecoin sweepstakes. The U.S. Supreme Court ruled unanimously against Coinbase in a dispute over arbitration from the 2021 Dogecoin sweepstakes.
Users had accused the exchange of false advertising, claiming they were misled into spending $100 to participate in the sweepstakes. The 9-0 ruling determined that a court must decide which legal agreement takes precedence when multiple contracts are involved.
