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The broader digital currency ecosystem is undergoing a significant rebound at the moment with Dogecoin (DOGE) at the forefront of this move. While the combined crypto market cap is yet to pare off the losses from yesterday as it is still down by 5.88%, the uptick in Bitcoin (BTC), Ethereum (ETH) and other top altcoins has helped to cement the rally.
At the time of writing, Dogecoin was changing hands for $0.09829, up by more than 15% in the past 24 hours. Over this time period, DOGE has hovered from a low of $0.08083 to a high of $0.1013. Losing one zero is not uncommon in the digital currency ecosystem, and so is regaining it.
Alex DovbnyaAfter intensive Dogecoin whale action and uptick in trading volume, this rebound might see the meme coin reclaim the $0.1 price mark. The sentiment to achieve this is already there as more than $2.11 billion worth of DOGE has been traded overnight, the night largest of all digital currencies.
A sustained moment driving on Bitcoin’s performance might be the start of something extraordinary for Dogecoin. Beyond breaching the $0.1 price mark, Dogecoin is poised to maintain a short term target of $0.15.
The broader meme coin ecosystem is properly carried along in this recovery bid. After an intensive sell-off in the past 24 hours, Shiba Inu (SHIB) is now up 13.52% to $0.00001352, PEPE has rallied 15.81% to $0.00000778 and BONK has printed a 13.37% recovery to $0.00001986.
Gamza KhanzadaevThe broad-based recovery in the market does not necessarily mean the worst is over for the market. However, investor disposition is in the right order, and the market might build on this in its attempt to return to pre-Bitcoin halving highs in the mid- to longer term.
Alex Dovbnya
Vladislav Sopov
Dan Burgin