Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Dogecoin (CRYPTO: DOGE) is surrounded by bullish sentiment ahead of DOGE Day, scheduled for April 20, enjoying positive investor sentiment.
What Happened: The highly anticipated DOGE Day on April 20 is expected to catalyze the initiation of another meme coin season. DOGE Day is the first annual event honoring and celebrating the 18th birthday of Kabosu and the revealing of the Bronze Dog.
Dogeverse, a multichain functionality project and the world’s first chain-traveling Doge, raised a notable $1.7 million in its presale within three days. Presale buyers can compound their investment through staking. The Dogeverse interconnects the six hottest meme coin networks through one powerful project.
Renowned crypto trader Cold Blooded Shiller stated on X, “Just remember, the fun doesn’t begin until $0.25+ for Dogecoin.” Similarly, crypto trader George estimates the first price target to be $0.26, as there is a “clean continuation range with a clean invalidation.”
Heavily followed crypto trader Bluntz Capital tweeted,
$doge flirting with that diagonal, thinking a mark-up is pretty close pic.twitter.com/NM6mD5was7— Bluntz (@Bluntz_Capital) April 12, 2024
Also Read: ‘Conviction, Conviction, Conviction’ — Dogecoin ‘Millionaire’ Says He Held Strong Despite Mockery, Emerging As A Genius In The End
Why It Matters: In the past seven days of trading, Dogecoin has witnessed an 11% surge in prices, taking it closer to the $0.20 mark.
While the past 24 hours of trading remain flat (+1%), the meme coin has managed to chase the sixth-ranked XRP in trading volume. Dogecoin’s trading volume in the past 24 hours stands at $1.97 billion, compared to XRP’s $1.24 billion during the same period.
IntoTheBlock data indicates a surge in transactions greater than $100,000, from 768 transactions on April 10 to 854 as of April 11. From April 5 to April 11, transactions have increased by 47%. Additionally, 87% of Dogecoin’s holders are currently in profit.
Coinglass data highlights Dogecoin’s open interest, currently at $1.58 billion, and close to its highest levels at $2.2 billion in late March 2024. High open interest reflects high volatility for the meme coin.
In the past 24 hours, liquidations stand at $4.42 million, with long liquidations accounting for $2.59 million, indicating bullish sentiment among traders.
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: What Happened To Dogecoin After The Bitcoin Halving Four Years Ago?
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