Altcoins
Dogecoin Price Rockets 30% on the Back of Twitter’s Logo Change and Continued Whale Accumulation
Dogecoin pricehttps://globalcoinreport.com/tag/dogecoin/ has been hovering around its highest level since February for the past few days as whale accumulation rises. The largest meme coin in the crypto ecosystem has jumped more than 31% in the past week, gaining 38.14% in the year to date. The altcoin currently ranks as the 8th largest cryptocurrency by market cap after Cardano.
Fundamentals
Dogecoin price jumped 21.47% earlier on Monday, hitting its highest level since December 5, 2022, on the back of Twitter’s latest update. Elon Musk, the CEO of SpaceX, and Tesla, has always been responsible for pumping DOGE prices on several occasions by sharing various memes or references related to the altcoin.
Earlier on Monday, Elon Musk shared a screenshot of an earlier exchange with a Twitter user who urged him to buy Twitter and change the bird logo to a doge. On Tuesday, Twitter users noticed that the Twitter logo had been changed to a cartoon of Shiba Inu on the web browsers which is the face of Dogecoin. According to analysts, the change in Twitter’s logo suggests that DOGE could become an integral part of Twitter.
The Dogecoin price has also been rallying on the back of the continued accumulation of the meme coin by large wallet investors. The altcoin has recently shown mild signs of decoupling from the broader crypto market over the weekend. The continued whale accumulation of the digital asset has fueled bullish sentiment among holders and investors.
Whales have added 10 million DOGE worth $123.1 million in the past three months, pumping DOGE price. Even so, the meme coin’s rival Shiba Inu has also recorded a rise in accumulation by large wallet investors. As such, if the Dogecoin price sustains its current uptrend post whale accumulation, it could potentially prompt a bullish breakout.
Dogecoin Price Analysis
Dogecoin price has staged a strong comeback in the past few days, rising more than 50% from its lowest level in March. On the daily chart, the meme coin has managed to move above the 25-day and 50-day moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) is in the overbought zone, while the Moving Average Convergence Divergence (MACD) indicator shows a bullish divergence.
Therefore, the Dogecoin price is likely to extend its bullish uptrend, but buyers would need to gather momentum to sustain the bullish momentum. A move past this week’s high at $0.10500 might push the DOGE price higher to $0.12015. However, a move below the crucial support at $0.08200 will invalidate the bullish thesis.
DOGE Price Chart
Solana price has been struggling to break above the key resistance level of $21.10 over the past few days. Earlier in August, the digital asset encountered a strong rejection at the crucial resistance level of $25.45, curtailing gains above the fashionable level of $30. Even so, the smart contract token is among the best-performing cryptocurrencies so far this year, with a 102.61% jump in its year-to-date price. SOL’s total market cap has climbed by more than 5% over the last day to $8 billion, while the total volume of the asset traded over the same period increased by 40%.
Brighter Future Ahead?
Solana price faced significant challenges in 2022, including a 93% decline in its total market capitalization and a 96% drop in its total value locked (TVL). However, the SOL network has posted significant resilience in 2023, defying general market movements. Priority fees and network upgrades have contributed to a consistent 100% network uptime.
The Solana DeFi ecosystem has also shown significant recovery, with a 41% growth in the TVL. Its liquid staking derivatives have also played a role in the asset’s renaissance. The ecosystem has expanded into other sectors such as NFTs, gaming, and consumer-based applications, driven by technical advancements like state compression.
Notably, Solana recently admitted that the network has been facing difficulties in the decentralized finance (DeFi) sector. Even so, it believes that its new strategy will help it regain its foothold and…
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.
Economic Concerns
Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.
Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…
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