Dogecoin, the popular meme-inspired cryptocurrency, experienced a surge in trading volume following the death of Kabosu, the dog that inspired its creation. Within the past 24 hours, Dogecoin’s trading volume has increased by over 35%, resulting in a 10.5% rise in its price to over $0.17.
Despite the overall decline in the global crypto market, Dogecoin has managed to capture attention once again with its significant increase in trading volume of 35.67% since the beginning of the trading day. This surge in volume has led to a nearly 10.5% price increase for Dogecoin, pushing its value from $0.1562 to $0.1727.
While major cryptocurrencies have experienced a decline after the initial excitement of the spot Ethereum ETF launch, Dogecoin continues to show a bullish outlook. The recent price rally triggered by the death of Kabosu, the original Dogecoin meme’s inspiration, has raised questions about the future of DOGE and whether or not this bullish trend will continue.
It is worth noting that during the 2021 bear market, Dogecoin’s popularity waned after Elon Musk referred to it as a “hustle” during his appearance on SNL. Additionally, many new meme coins inspired by Dogecoin emerged, diverting attention away from the original cryptocurrency. However, recent trends suggest a resurgence in Dogecoin’s popularity, as its trading volume has been increasing steadily since the beginning of the year.
Currently, Dogecoin is maintaining a stable price range between $0.16 and $0.19 after pulling back from its yearly highs above $0.22. If the upward momentum continues, Dogecoin could test resistance at $0.20, potentially leading to further rallies towards $0.22 and $0.25. A rise above $0.28 could indicate a strong bullish trend and ensure a positive outlook for Dogecoin in 2024.
On the other hand, if Dogecoin fails to maintain its position above the critical resistance level of $0.16, it may find immediate support at $0.1321. Further decline could result in resistance levels at $0.1278 and $0.1164, potentially trapping Dogecoin in a bearish trend and pushing its value down to $0.0861.
In other news, Coinbase recently lost a Supreme Court case related to its Dogecoin sweepstakes. The U.S. Supreme Court unanimously ruled against Coinbase in a dispute over arbitration arising from the 2021 Dogecoin sweepstakes. Users accused the exchange of false advertising, claiming they were misled into spending $100 to participate in the sweepstakes. The court’s ruling emphasized the need for a judicial decision to determine which legal agreement takes precedence when multiple contracts are involved.
