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Dogecoin (DOGE) Skyrockets 15% as It Eyes Pivotal Milestone

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Sat, 6/07/2024 - 12:00
Dogecoin (DOGE) Skyrockets 15% as It Eyes Pivotal Milestone
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Amid the broader crypto market meltdown, dog-themed meme coin Dogecoin (DOGE) is exhibiting signs of bullish validation.

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Dogecoin systemic rebound

The crypto ecosystem has been under severe selling pressure in the last few days, causing many investors to explore safety means for digital asset investments. Quite some traders and whales turned to liquidating their holdings to secure the remaining profit if any was left. On Thursday, CoinGlass showed that Dogecoin was leading the meme coin liquidation.

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The altcoin recorded more than $4 million in liquidation in 24 hours. This was quite significant for DOGE as it brought the total liquidated DOGE to 41,554,054 units. Looking on the brighter side, this figure was still minimal compared to Bitcoin’s (BTC) $90.06 million liquidation during the same period. Also, the liquidation came with a price drop of 7.89% for the meme coin, taking its value to $0.1121 in 24 hours.

However, within the last 24 hours, the dog-themed meme coin has seen a huge surge in market value. DOGE registered a 15% increase and is currently trading at $0.1082. While this jump is yet to sufficiently cover its recent losses, it reflects that the crypto asset is gaining validation from its big buyers who are confident in its ability to rebound soon.

This recovery might fast-track its next major milestone to breach the 100 million addresses landmark soon. It surpassed 90 million recently, as reported by U.Today.

Dogecoin sees critical demand zones

This comes after U.Today reported that DOGE has identified a critical demand wall that could provide support for the meme coin. The demand zone was established in the price range between $0.081 and $0.099. Within this range, it was discovered that approximately 11.36 billion DOGE were acquired by 1.14 million addresses.

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Another identified price range was between $0.07 and $0.081, and here, an even larger quantity of Dogecoin is held by numerous addresses. Precisely, in this range, about 23.72 billion DOGE are held by 1.16 million addresses.

Notably, the recent price rally could draw more investors into the DOGE ecosystem in the next few days. If achieved, more rebounds might be registered.

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