- Dogecoin collects $1.2B in Spot trading volume, topping XRP, ADA & more.
- Crypto analysts spot similarities between DOGE and BTC’s famed 2017 run.
- Favorable U.S. CPI rates boost 7% as DOGE reclaims Derivatives leadership.
Dogecoin (DOGE) is attempting to break free from the bearish constraints, accelerated by a swiftly rising trading volume on both Spot and Derivatives markets. While DOGE plunged to a monthly low of $0.135 two hours into midnight on July 12, 2024, the bearish trend has since been put on a halt after the United States CPI results were published.
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With a slower-than-expected inflation rate of 3.3%, Bitcoin (BTC) and most mid-to-large market cap altcoins received a powerful boost on Wednesday afternoon. DOGE managed to bounce back above $0.145 for a short period of time, before correcting below the $0.145 mark.
Is DOGE Mirroring Bitcoin’s 2017 Bull Rally?
Though DOGE has shown exponential growth throughout the year with a 136% return in the latest 365-day timeframe, crypto analysts highlight the similarities between Dogecoin’s current price movement and Bitcoin’s 2017 run. During that period, the leading crypto asset managed to break $1,000 for the second time.
Dogecoin’s allusion to BTC is tangible because the two cryptocurrencies are the two largest working on Proof of Work (PoW) consensus. In 2013, computer virtuosos Billy Markus and Jackson Palmer derived the Bitcoin code, and despite the meme coin’s satirical nature, DOGE emerged as an alternative to BTC.
As Bitcoin finished 2017 at a record high of above $17,000, Dogecoin’s moment of glory came four years later, in 2021. Dogecoin strived for the moon due to heavy celebrity endorsements and an all-inclusive crypto boom that created a lengthy roster of young crypto millionaires.
What Tricks Does DOGE Hold Upon Its Sleeve?
In order for the bullish scenario to take place, DOGE will need more than a regularly high price correlation with BTC. The Dogecoin community is expecting to see the top dog coin integrated into XPayments.
Aside from the potentially major utility case for DOGE, the top dog crypto already embraces a large demand on both Spot and Derivatives markets. Dogecoin’s 24-hour trading volume on Spot markets outweighed other popular altcoins like Ripple (XRP) and Cardano (ADA), as well as meme coin peers like Shiba Inu (SHIB) and Pepe (PEPE).
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On the Derivatives side, DOGE upped its ante with a $803M Open Interest (OI), taking back the most demanded meme status from PEPE, despite still trailing by trading volume on Derivatives by nearly a billion. As of press time, Dogecoin is changing hands at $0.1488 with a 7% daily upswing, according to CoinGecko.
On the Flipside
- Previously, X’s owner, multi-millionaire tech mogul Elon Musk, disclosed plans to launch a peer-to-peer (P2P) financial system, which the DOGE Army took as a bullish sign for DOGE’s inclusion.
- However, Musk’s latest Dogecoin tweets rarely catch up to their 2021 impact. Musk now often mentions competing dog-themed coins like Floki (FLOKI) and Dogwifhat (WIF).
Why This Matters
Dogecoin remains the second largest cryptocurrency operating on a Proof of Work (PoW) consensus with 78% of current DOGE custodians making a profit at this price range.
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