64 Billion DOGE Find Their Way Into 340,000 New Addresses As Meme Coin Explodes

Dogecoin has made the most of its bullish momentum that was inspired by Elon Musk’s highly publicized $44 billion purchase of Twitter.

Not only did that development pump DOGE price in such a way that its total market capitalization surpassed Cardano’s, allowing it to take the 8th spot in Coingecko’s crypto tracking list.

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It also stirred great interest for the crypto asset as evidenced by 340,500 addresses purchasing a total of 63.72 billion DOGE tokens worth $5.86 billion.

The collective and massive buy was made with a minimum price of $0.069076 and a maximum price of $0.126317, as revealed by digital asset analytics platform IntoTheBlock.

Moreover, this buyer activity has given Dogecoin a strong support zone which it might visit soon as the altcoin seems to be losing steam, being on a decline over the last few days.

DOGE: Not Totally A Walk In The Park

According to tracking from Coingecko, DOGE is changing hands at $0.120710 and has been down by 9% for the last 24 hours.

Across its charts, the digital coin’s biweekly tally (102.7%) is the only one that is above 100%. Dogecoin was still up by more than 80% for the past seven days yesterday. That gain, however, has plummeted to just 56.3% at the time of this writing. 

Dogecoin

Image: Watcher Guru

Still, even with this price correction phase, the dog-themed cryptocurrency is still up by an impressive 82.4% over the last 30 days. It remains to be the largest gainer among all crypto assets in that particular category, outperforming even Bitcoin (0.5%) and Ethereum (14.7%).

Moreover, even with lowered spot trading price, Dogecoin remains the 8th largest crypto in terms of market cap, having an overall valuation of $16.18 billion.

Crypto Community Bearish About DOGE Future Price

Amid speculations that Dogecoin might soon be accepted by the now Elon Musk-owned Twitter as payment for some of its features and services, the asset witnessed tremendous buying pressure.

This didn’t impress investors that are part of CoinMarketCap community as they predicted a further price dump for the 2013-launched meme crypto.

They said the altcoin will end November with a median price of $0.08452 and will exit December 2022 with a lower average value of $0.07847.

Coincodex, one of the leading crypto asset trackers, also has bearish forecasts for the meme coin as it sees the digital currency trading at $0.117440 five days from now.

Meanwhile, the 30-day trajectory of the asset is worse as it is seen to drop even further to change hands at $0.086373.

DOGE total market cap at $15.9 billion on the daily chart | Featured image from Digital Dealer, Chart: TradingView.com

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