U.Today - With the broader digital currency ecosystem on a bullish rampage, Dogecoin (DOGE) is not ready to be left behind. The premier meme coin has by more than 8% overnight and is currently changing hands at a price of $0.08978.
On-chain maneuvers for price of $1?
Dogecoin's price has fully recouped all of its losses for the past month, as it is now trading with 29.66% growth within that time. These impressive moves have of the altcoin to clear one zero to retest the $0.1 level, and by so doing, reposition itself for yet another ambitious price rally moving forward.The on-chain maneuvers aiding the growth of Dogecoin in this regard also stem from the growing embrace and sentiment from the coin's traders. Data from CoinMarketCap shows a total of $920,884,321 DOGE have been traded on exchanges in the past 24 hours, up by 75%.
With the in which whale holders maintain a strong foothold in the project, any attempt to retest $1 cannot be done without a full push from larger HODLers. Data from IntoTheBlock shows that whale transaction volume over the past week is now at $1.02 billion, up 23.93 billion for the week.
Another crucial on-chain metric to note is the parabolic growth of over 35% in DOGE's Daily Active Addresses (DAA). At this time, active addresses have surpassed 82,000, reinforcing the assumption that Dogecoin is a token actively held by many.
Market sentiment factor
Dogecoin's growth, besides its own inherent ecosystem trends, also stems from broader market sentiment. With , coins with deep correlation with the asset, including DOGE, are bound to see more green days ahead.Dogecoin's market capitalization is pegged at $12,752,789,154, with a positive boost likely should BTC gain more bullish traction.