The overall crypto market is once again in the red zone as the global crypto market cap has been pulled down by 2% in the last 24hrs and is positioned at $1.12 trillion.
Along with major cryptocurrencies like Bitcoin and Ethereum, the biggest meme currency, Dogecoin, has also seen a decline after dropping by 6.28% in the past 24 hours.
Conversely, the analysts at Bitrue have an opposite view as they say that the price of Dogecoin will hit $0.14. He then claims that DOGE will reach the said target only if the currency manages to cross the $0.09027 resistance as well as the $0.1 psychological zone.
Meanwhile, on August 16th the meme currency surged by 16% which increased its performance for the weekend. Though DOGE is down at the press time, the currency is still bullish on a weekly chart surged by 12.69%.
There was speculation that the Dogecoin price jump is due to the introduction of the Dogechain testnet. However, the Dogecoin community was quick to dispel the speculation, stating that the Dogechain testnet was never launched by Dogecoin’s official network.
The Dogecoin community has raised concerns over the Dogechain but has also maintained their stance that the project is nowhere related to Dogecoin or its developers.
Dogecoin price surge with increased whale activity
On the other hand, data from Santiment claims that the reason for the increase in the price of Dogecoin could be due to an increase in whale activity. The network’s whale activity has hit a three-month high, the survey said.
Next, another crypto trader and analyst, Alex Kruger quotes that market participants can always count on dogs to light up their spirits. Then he claims that the upward trend by Dog coins has just started and the DOGE surge in particular sounds interesting.
Additionally, Dogecoin creator Billy Marcus states that Dogecoin is the main network and can be added to a shared database through this verifiable transaction. It is then shared with other virtual coins and people have to decide whether to use or not.
