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Dogecoin awaits a period of tremendous growth

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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.


“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. “

Daily user activity vs.  DOGE price.  Source: Twitter

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.

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.

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. ”

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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