Over the past few weeks, the price of Dogecoin (DOGE) has been going up and down with the rest of the crypto market. Positive signs suggest that the popular meme coin may be ready for a comeback, even though it is currently in a stabilization phase.
According to new data from IntoTheBlock, 75% of DOGE users are currently making money. This number is very remarkable, given how little prices have changed recently.
The fact that buyers are making a lot of money shows that most people in the Dogecoin community are feeling good, and it could be a sign of a coming bullish shift.
Dogecoin’s Bullish Market Position
Dogecoin has a strong group behind it, and it is known as the biggest meme coin in terms of market capitalization. The fact that holders are making more money is likely to boost trust, which could bring in new traders and make the cryptocurrency very valuable.
This measure is important because it shows that DOGE is still moving in a generally bullish direction, even though it is currently consolidating. The fact that the coin is still above important support levels suggests that it has not given up on a downward trend. The overall volatility in the crypto market is a major reason for the current stagnation.
Right now, DOGE is worth $0.1211, which is 3.94% less than it was 24 hours ago. Dogecoin finds strong support around $0.127, a level it has struggled to surpass recently. But the general mood of the market is still cautiously optimistic.
To make things even better, the amount of DOGE traded has increased by 10.77% in the past day, hitting $675.66 million. This rise in trading activity shows that traders are becoming more interested, which often means that market confidence is growing. This increase in volume is a major part of what could drive the price of Dogecoin up.
