At the time of writing, the trading price of Dogecoin (DOGE) is at a low of $0.071674. The asset was not expecting a downtrend but the external market developments pulled its trading price.
The report shows that in the past 24-hours, DOGE’s trading price has dipped by 2%. This happened because Silvergate Bank announced its liquidation.
The banking firm communicated to the depositors and the shareholders that it was proceeding with voluntary liquidation.
This not only pulled down the trading price of DOGE but also pulled down the market valuation of the entire crypto industry.
Recent Performance of DOGE
The performance of Dogecoin has not been well ever since the beginning of February. The report shows that the trading price of DOGE plummeted by 12% in the past 7 days. A 20% decline was witnessed in the trading price of the largest meme coin in the past 30 days.
From the beginning of the year 2023 until now, the decline DOGE has recorded in its value is 2%.
Trading Volume Rises for DOGE
Despite the constant declines in the trading price of the meme coin, its trading volumes have continued rising. The daily trading volume for the meme coin has surged to a high level in the past 24-hours.
The market analysis data suggest that the trading volume for DOGE has increased tremendously. It has reportedly surged to $400 million in the past 24-hours.
This goes to show that despite the decline in the trading price, the traders have continued trading in the asset. They are not low on confidence when it comes to the trading of the meme coin.
This is the reason why the trading volume for the asset is so high despite the asset’s trading price being low.
Bulls are Taking Advantage
Although the asset’s price is low, the investors are taking full advantage of this downtrend. With the asset’s price being low, the investors are investing more money into the meme coin to increase their accumulation.
They are hoping to HODL as many DOGE as they can while the price of the meme coin is experiencing a lower level. They will continue investing more money into the asset, which is going to bring in more support in the near future.
Given the current movement of the asset, the investors are to buy more DOGE, so they can buy as many tokens as possible.
They will decide to sell them when the conditions fall in their favor. When they know that the investments would bring in more returns, they will start selling the asset which would launch a bearish trend.
Major Positive for DOGE
According to analysts, there is a high chance that the trading price of DOGE may continue surging in the future. This is because the cryptocurrency exchanges have started taking more interest in the meme coin.
The token has become huge traction among the crypto exchanges in the ongoing month. With more exchanges listing the token, the adoption level for the asset is going to rise.
Going forward, the DOGE developers may try and come up with more utility for the token. With these developments taking place, the trading price of the asset would eventually get pushed higher.
The DOGE community has its fingers crossed for another major development involving the meme coin. It’s been over a year since Elon Musk pitched the adoption of DOGE on the Twitter platform.
If Twitter does adopt DOGE, things will fall in favor of the asset and its trading price will surge significantly. In this particular case, the trading price of DOGE may continue surging and it may hit a higher level.
The analysts are hopeful that if the trend continues and the adoption level keeps on rising, DOGE’s price would surge to a very high level.
With things falling in favor of DOGE, the trading price of the asset may surge to a high of $1.