Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Dogecoin (CRYPTO: DOGE) has spiked 3.4% in the past 24 hours, reclaiming the $0.20 mark and pushing its valuation to a two-year high.
What Happened: Renowned crypto trader Owen believes that Dogecoin is retesting its weekly overbought position and is well-positioned for future growth. He cautions that many investors may miss out on this opportunity due to impatience, stating, “Sooner or later, it will have a massive 50-100% daily candle, and it won’t hit these prices ever again.”
Crypto veteran Cold Blooded Shiller, tempted by the Dogecoin rally, shared two insights on X (formerly Twitter). He compared Dogecoin’s performance to that of Dogwifhat and noted that Doge continues to demonstrate substantial strength. Cold Blooded Shiller has set price targets of $1 and $4.20 for the meme coin.
In a separate tweet, he described the Dogecoin chart as providing “unrealistically bullish hopium.”
I try not to look at $DOGE/BTC.1. I have a huge amount of exposure in DOGE.
2. This chart makes me want to double down.
3. This chart makes me want to utilise multiple lines of credit to continue buying more.
4. This chart gives me unrealistically bullish hopium. https://t.co/Wl9r20ipuG pic.twitter.com/Pi3iTn49ls
— Cold Blooded Shiller (@ColdBloodShill) April 8, 2024
Also Read: Can Dogecoin Flip Ripple? Here’s What It Would Take
Why It Matters: According to data from IntoTheBlock, large transactions have increased by 12.2% to 2.48 billion, while daily active addresses have risen by 10.3% to 62,500 over the past 24 hours.
Moreover, transactions exceeding 100,000 have nearly doubled, reaching 702 on April 7 compared to 387 on April 6.
As a result of the current rally, 89% of Dogecoin holders are in profit, while 11% are at breakeven, with no holders experiencing losses.
Total exchange inflows and outflows have also seen a significant expansion during this period.
Dogecoin continues to hold its eighth position among the top ten cryptocurrencies, with its valuation reaching its highest levels since 2021.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin ‘Running The Cycle Of 7 Years,’ Says Trader: ‘We Won’t Believe Doge Will Be $2, $9 & $40’
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