Dogecoin

Starlink

Elon Musk

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">The ultimate dog-themed meme coin Dogecoin has seen a major uptick in a key metric. According to data&nbsp;<a href="https://www.coinglass.com/currencies/DOGE" rel="noopener noreferrer nofollow">provided</a> by CoinGlass, DOGE has rocketed 87% in trading volume.</p>
<p dir="ltr">Despite the impressive increase in trading volume, the DOGE price has dropped 5.20% in the last 24 hours. This past week Dogecoin lost a zero, dipping more than 7% amid negative investor sentiment and stock market correction.</p> <img data-entity-type="file" data-entity-uuid="f1b0f6d1-d341-4546-9d2f-0251db189813" src="https://u.today/sites/default/files/inline-images/DOGE_1D_graph_coinmarketcap%20%281%29_1.jpeg">Source: CoinMarketCap 
<h2 id="elon-musk-did-not-help">Elon Musk did not help</h2>
<p dir="ltr">Earlier this week, Tesla CEO Elon Musk <a href="https://u.today/elon-musk-stuns-dogecoin-doge-community-with-x-post" rel="noopener noreferrer nofollow">sparked</a> interest within the cryptocurrency community with a comment on X.</p>
<p dir="ltr">Musk tweeted about Starlink bank accounts being frozen, prompting a response from "Sir Doge of the Coin," a notable Dogecoin supporter, who suggested, "Dogecoin fixes this." This playful interaction garnered attention across the Dogecoin community.</p>
<p dir="ltr">In January 2021, Elon Musk's remarks led to a 339% surge in Dogecoin's value to $0.032642. Its highest price of $0.682 was reached May 8, 2021. Despite celebrity endorsements, Dogecoin's adoption for business transactions remains limited.</p>
<p dir="ltr">Despite Musk’s endorsement, Dogecoin could not reach a major breakthrough. The DOGE price has lost more than 7% amid crypto correction.</p>
<h2 id="overall-bearish-sentiment">Overall bearish sentiment</h2>
<p dir="ltr">Losing a zero was a big hit for DOGE investors. As the market moves to the "extreme fear" zone, bulls will have to sit and wait for the right moment to come out.</p>
<p dir="ltr">Dogecoin has been on a steady decline for several months, struggling to break above key resistance levels set by its moving averages. The bearish sentiment is reinforced by the 200-day EMA, which remains significantly above the current price, indicating a long-term downward trend.</p>

Dogecoin (DOGE) Skyrockets 87% in Trading Volume

Table of Contents

U_Today

Other articles published on Sep 7, 2024

2024’s Game-Changing Cryptos: Pepe and Toncoin Poised to Explode!

These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)

Binance Executives' Money Laundering Trial Advanced to September 2 in Nigeria Amid Controversy

Justin Sun: TRX Gift to Warren Buffett Sees 10x Growth in 4 Years

Most Searched Cryptos on GeckoTerminal Today – Ethervista, Kendu Inu, TeleSwap, Merlin Chain

Iris Energy’s Hash Rate Surges to 10.94 PH/s in August 2024

Join our free newsletter for daily crypto updates!