Dogecoin [DOGE], one of the most popular memecoins, was recently back in the limelight as it registered promising gains over the last seven days. DOGE’s performance was just behind the current leader XRP, as its value grew by 5% in 24-hours.
At press time, DOGE was trading at $0.06606, which is a 9% seven-day increase. Interestingly, DOGE also made it to Lunar Crush’s list of the top 10 coins by one-week AltRank. This was a positive development as it indicated that DOGE was gaining some prominence in the market.
While global #crypto activity is down this week, the Top 10 Coins by 1-week AltRank™ are:
— LunarCrush (@LunarCrush) September 23, 2022
Everyone loves DOGEs…
A major driving force behind this surge could be the massive surge in DOGE’s trading volume. DOGE’s volume grew by more than 220% in the last day. This stood much higher than every other crypto with larger market caps.
Therefore, it’s no surprise that the community got excited and started talking about the token. This was evident from the fact that DOGE was among the top BNB chain projects in terms of social activity.
— PHOENIX 🇺🇦 (@pnxgrp) September 23, 2022
Moreover, there have been quite a few whale activities as well that might have affected DOGE’s price positively. The number of addresses holding 100 million to 1 billion DOGE increased by 5.13% over the past week. Furthermore, nearly six new whales have joined the Dogecoin network.
Dogecoin | The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M DOGE.
Considering this I will scoop a fresh brand new bag of #DOGE pic.twitter.com/0TaysaPIog
— Bull.BnB (@bull_bnb) September 23, 2022
Considering all these developments, a DOGE price surge seems viable. Interestingly, Vitalik Buterin also recently talked about DOGE in an interview. He stated that he expects DOGE to also adopt a much more energy-efficient PoS consensus mechanism like Ethereum.
Selkis: Should all networks move to PoS?
— Messari @ #Mainnet2022 (@MessariCrypto) September 23, 2022
While these developments, DOGE’s Market Value to Realized Value (MVRV) ratio also moved upwards, increasing the chances of a further surge. However, DOGE’s development activity decreased considerably, which is generally a negative signal for a blockchain.
A look at the price performance…
DOGE’s daily chart also painted a bullish picture as most of the market indicators were in favor of the coin. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) registered upticks, suggesting a further price surge.
The Moving Average Convergence Divergence (MACD) also displayed a bullish crossover, indicating a buyers’ advantage in the market. However, the 20-day EMA was below the 55-day EMA, which might restrict DOGE’s price from moving further up.