Even though the cryptocurrency market has been going through rough patches, Dogecoin (DOGE), the funny joke coin, has shown strength by steadily increasing in value.
The crypto market has been very volatile over the past few days, making buyers look for stability in their digital asset portfolios. Because of the chaos, many traders and big holders, or “whales,” sold off their stocks to get their money back. CoinGlass data shows that Thursday was a big day for selling joke coins, with Dogecoin being among the most popular.
Dogecoin’s Resilient Recovery Amid Crypto Turbulence
Dogecoin saw over $4 million in liquidations in 24 hours, equaling 41,554,054 DOGE. Even though this number is big, it’s nothing compared to Bitcoin’s $90.06 million sale during the same period. This shows how difficult the market is in a bigger sense. At the same time this sale happened, the price of Dogecoin dropped 7.89%, bringing its value down to $0.1121.
In a change of events, however, Dogecoin has made a remarkable comeback in the last 24 hours, with its market value rising by 15%. Since the last change, the price of DOGE is $0.1082. Even though this rise hasn’t fully made up for recent losses, it shows that big buyers are once again confident in Dogecoin’s ability to recover.
There are rumours that the coin could soon pass a major milestone of 100 million addresses, which is why it is returning. Dogecoin now has more than 90 million addresses. This means that it looks like it will continue to grow.
The price range between $0.081 and $0.099 is a key support zone for Dogecoin. Here, about 11.36 billion DOGE are kept in 1.14 million addresses. Even bigger amounts were found, with 23.72 billion DOGE spread among 1.16 million addresses. The amounts were between $0.07 and $0.081. These results point to a strong support base that could make Dogecoin more resistant to changes in the market.
After the recent price rise and the discovery of these demand walls, more investors are likely to join the Dogecoin community in the days to come. If this trend continues, it could lead to more price increases and market security.
