Dogecoin (DOGE) might be on the verge of soaring to new highs as the crypto market is gradually wriggling out of the losses accrued in the past week. At the time of writing, data from CoinMarketCap shows that Dogecoin is trading for $0.08097, down by 2.01% in the past 24 hours.
This price mark, though still in the bearish zone, is an improvement compared to the more than 4% loss printed earlier in the day. While the periphery data outlook shows gloom, crucial market data from IntoTheBlock (ITB) points out a fundamental shift that might spark a mega rally in the long term.
The ITB data shows a shift in both whale addresses and active daily wallets on the network. Whales are making a splash on Dogecoin at the moment, with overall volume traded coming in at $1.07 billion, up by 17.38% in 24 hours. The daily active addresses have jumped by 0.6%, with a total of 57,180 recorded at the moment.
Dogecoin has been an attractive force for retail buyers over time, however, the dramatic shift it is eyeing at the moment is most likely going to be driven by whales owing to their relative consistency in keeping the uptrend drive.
Dogecoin to trail meme coin renaissance
Dogecoin as a standalone digital currency may not experience enough traction unless the collective meme coin hype is harnessed, its propensity to break new heights might be eroded. Dogecoin’s current price is more than 88.9% below its all-time high (ATH) of $0.7376.
The fundamentals are ripe for a retest of this level, as it is also poised to benefit from the newly approved spot Bitcoin Exchange Traded Fund (ETF) products by the United States Securities and Exchange Commission (SEC).
With $0.01 acting as the ultimate barrier, a breach of this level in the long term might herald new possibilities in the months ahead.