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Dogecoin (DOGE) is arguably one of the biggest casualties of the latest bearish market drawdown. Despite the current recovery that is underway, Dogecoin is still priced at $0.05887, down by 0.17% in the past 24 hours. It is worth noting that the meme coin has a massive drawdown, with its price down as low as 5% earlier in the trading day.
As it stands, the bulls and bears appear to have come to a compromise, as the sell-off is gradually wearing off as bullish sentiments begin to take over. While the trading volume as marked by CoinMarketCap is down by 22%, with just $153.7 million, data from IntoTheBlock (ITB) reveals that the current Dogecoin whale transaction is up by 49.6% to $1.32 billion.
This contrasting performance data is a sign that there is a counterbalance in the DOGE metrics, as marked by the differences in retail and whale buyers. Dogecoin has not particularly showcased a promising bullish outlook in recent times, but the ITB data also showed that there is an uptick in the total number of Daily Active Addresses (DAA).
Per the data, active DOGE addresses are now pegged at 45.4K, up by 2.45% in the past 24 hours.
Is Dogecoin ready to soar?
There have been a lot of consistent uptrend flashes in Dogecoin in recent times, but the impact on the price has not been commensurate as expected.
This implies that the potential uptrend in the price of the premier meme coin is largely dependent on the broader market momentum. With its very high correlation with Bitcoin (BTC), we can expect DOGE to sustain its growth if the projected BTC recovery is actualized.
From key expectations, including the approval of the Bitcoin spot Exchange Traded Fund (ETF) product to the pre-Bitcoin halving rally, eyes will be fastened on BTC, as DOGE's growth depends on it.
Arman Shirinyan
Alex Dovbnya
