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Dogecoin crosses $0.1 with 87% holders in profit on 10th-anniversary surge

By:
on Dec 6, 2023
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  • Dogecoin (DOGE) has hit its highest value since mid-April as it celebrates its 10th anniversary.
  • The current surge is also attributed to whales as transactions exceeding $100k total $11.94B in the past week.
  • On-chain metrics reveal a bullish outlook, with 87% of DOGE holders now in profits.

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In a surprising turn of events for the cryptocurrency community, Dogecoin (DOGE) has surged above $0.1 after breaking the key resistance level at $0.088076, marking its highest value since mid-April.

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As the meme cryptocurrency celebrates its tenth anniversary, nearly 87% of DOGE holders find themselves in the green. The surge is accompanied by notable whale transactions exceeding $100,000 and positive on-chain metrics, reinforcing a bullish outlook for Dogecoin.

Dogecoin’s 10th-anniversary rally

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As Dogecoin commemorates a decade since its launch on December 6, 2013, it has achieved a significant milestone by surpassing $0.1.

At press time, Dogecoin (DOGE) was trading at $0.1025 after a 16% surge in 24 hours. This surge represents the highest point for DOGE since mid-April, indicating renewed interest in the popular meme coin.

DOGE price shart

The rally’s timing aligns with the cryptocurrency’s tenth-anniversary celebrations, adding an extra layer of significance to the price movement.

Whale transactions and on-chain metrics boost

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Notably, large-wallet investors, colloquially known as whales, have played a substantial role in Dogecoin’s recent upswing.

Transactions involving DOGE tokens worth $11.94 billion, each exceeding $100,000, occurred in the past week, contributing to the positive trend. On-chain metrics from IntoTheBlock reveal that an impressive 86.29% of DOGE wallet addresses, holding 125.54 billion tokens, are currently in a profitable position. This confluence of factors suggests a bullish outlook for Dogecoin, with potential upward movement in the coming days.

Dogecoin technical analysis and key levels to watch

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From a technical standpoint, Dogecoin’s price crossed a crucial hurdle from $0.082994 to $0.088076, reaching $0.1025 early on Monday.

The next resistance range is anticipated between $0.088077 and $0.135291, presenting a potential pathway for further gains.  This underscores the cryptocurrency’s resilience and investor confidence as it continues to outperform expectations.

With the bullish indicators in play, the Dogecoin community eagerly awaits further developments in the coming days.

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