Table of Contents
Dogecoin recovered from a very long bear’s sleep. Now the situation is completely different. Analysts and leading traders agree on the future of this project. The goal is therefore clear. Huge growth is expected. This is also confirmed by data, chain activity and trade volumes.
Dogecoin on the bull wave again
Interest in this project is growing at a tremendous rate. At the same time, the last major correction, which took place in May, hit Dogecoin with the greatest possible force. Many analysts have even predicted the complete end of this cryptocurrency.
Data from Cointelegraph Markets Pro and TradingView show that it has reached this meme coin since July 20 an increase of 120%. Daily trading volume increased 63% to $ 8.6 billion.
The activity is huge
DOGE is best known for its ability to attract new investors. This marketing factor can guarantee its longevity. Add to that the activity of Elon Musk and Mark Cuban, and the result is tremendous.
According to Philip Gradwell, chief economist at Chainalysis, interest in DOGE is at its highest level since the bullrun in 2017.
On-chain, Doge is being adopted by new investors at a level not seen since the late-2017 bull market, with new investors increasing their share of supply from 9% in July 2020 to 25% in August 2021
“In 2021, Dogecoin had an average of 32,000 daily active users on the chain. Between the percentage change in the number of users and the percentage change in the price of Dogecoin during the current year, the R-value is 0.7. “
Volumes are constantly growing
Another important factor in the successful period of this project is the constantly growing volume of trades on the leading crypto exchanges, led by Coinbase.
An analyst with the nickname Pentoshi also commented on this issue. 24-hour volumes of DOGE on the Coinbase exchange were average $ 200 million a day.
Just saw the $ DOGE volume on Coinbase the past week and my god
There have been some massive buyers 200m USD a day of Doge in volume on CB alone (DIrect fiat on ramp) starting a week ago
While I’m not trading it to $ 1 + I do think it will get there. My goal is .40-.45 pic.twitter.com/VBtdAWtdjk
– Pentoshi 🐧 Wont DM You (@ Pentosh1) August 15, 2021
Mark Cuban mediates the Doge in a positive light
The third factor in the growing meme coin is undoubtedly the support of popular and influential personalities, such as Elon Musk, or Mark Cuban.
The point about DOGE that people miss is that DOGE’s imperfections and simplicity are it’s greatest strengths. You can only use it to 2 things: Spend It or HODL It. Both are easy to understand. And it’s cheap to buy. Which makes it a community anyone can join and enjoy.
– Mark Cuban (@mcuban) August 15, 2021
Cuban even received a negative reaction from BTC fans, who told him to buy BTC and stop spreading this madness around Dogecoin. Cuban subsequently replied that his decision was influenced by the demand for this cryptocurrency.
“Where it is possible to pay with cryptocurrency, we use 95% Dogecoin. Customers chose it that way. We can argue about this issue, but people have clearly decided that DOGE is currently the most used project for cryptocurrency payments. ”
