The largest meme coin by daily traded volume and growth prospects, Dogecoin (DOGE), has significantly outperformed most of the top digital assets in the past few weeks. Having been in existence since December 6th, 2013, and heavily bolstered by Elon Musk, Dogecoin has gained popularity amongst both novice and whale traders.
The crypto asset recently gained new momentum after its “godfather”, Musk acquired Twitter Inc. for $44 billion. Dogecoin is set to more than double in value after Musk completed his Twitter acquisition, according to our latest crypto price prediction.
“Trading dogecoin around Elon tweets has become a lucrative form of speculation,” said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds.
Specifically, DOGE was exchanging around $0.094 on Tuesday, December 13, which is up almost 6 percent in the past 24 hours. The market capitalization of the Dogecoin ecosystem is approximately $11,979,115,515, with most of that volume – $548,856,466 in the last 24 hours – coming from decentralized exchanges.
Dogecoin Price Steals the Show as Crypto Winter Continues
Dogecoin (DOGE) has regained whale’s interest in the past 24 hours, particularly on the Binance Smart Chain (BSC). According to aggregate data from WhaleStats, DOGE is back on the top 10 digital assets purchased by the 100 biggest BSC whales in the last 24 hours.
As a primarily speculative digital asset, Dogecoin has attracted attention from whales because of its potential to be integrated with Musk’s Everything app. Recently, Musk provided important data on Twitter along with forward-looking statements. Apparently, the documents revealed that Twitter has not yet assigned its designated payment system.
As such, retail traders with deep pockets have increased their bets on Dogecoin prices in the coming years. Furthermore, on-chain data shows Dogecoin has approximately 5,133,549 holders.
As a Proof-of-Work (PoW) secure network, Dogecoin has a total hash rate of approximately 599.02 (TH/s) with a difficulty of 8.9 million.
In comparison, Bitcoin – the largest PoW digital asset – has a hash rate of 241.46 Exahashes/s and a mining difficulty of 34,244,331,613,176.
From a technical perspective, Dogecoin price is caught between the bulls and bears’ tug of war. The instrument recently broke out of a multi-week downtrend that started last year. Should Musk integrate his Everything app with Dogecoin for payments, the growing momentum could come closer to 2023.
Nevertheless, such a much could be invalidated should the whales short the instrument significantly. As such, the Dogecoin price could retest the $0.073 support level.
wrapping up
While the cryptocurrency market has not fully recovered from the explosion of FTX and Almeida, Dogecoin investors can rest assured of solid support between $0.05 and $0.06. Nevertheless, the supply of Dogecoin, which is up to the ceiling compared to other top cryptos, continues to significantly suppress its underlying value.
Adding Dogecoin to your portfolio in 2023 could be prudent. Furthermore, why not include a meme coin that has gained over 108310.3 percent in the past seven years?
