The Dogefather is at it again, pushing the canine-themed crypto up following weeks of downtrends. Elon Musk has reassured the crypto community about his DOGE support via tweets. As expected, that catalyzed bullish actions for Dogecoin.
Trading near $0.05 at this publication, Dogecoin has not proved a lot as an asset. Though the broad market downturn has halted the growth of most cryptos, DOGE has disappointed its enthusiasts since May 2021.
The original meme coin has recorded extended declines on its charts since hitting its all-time highs. For now, Dogecoin tried to recover from its deepest zone since June 2021.
Meanwhile, the latest 32% slump dragged the token into the oversold territory and has since launched slow upticks. Dogecoin remained upside today, with Musk’s effect contributing to the 7,77% increase.
Nevertheless, it doesn’t mean Dogecoin responds with a hike following all DOGE-related comments. For instance, despite the basketball community’s attention after the token support for Big Three league team Aliens, Dogecoin could not surge on June 13 as substantial as it acted on June 19.
Musk’s effect countered the overall market’s impact, triggering an uptick regardless of the token’s volatility hovering at 45-day lows. Meanwhile, Dogecoin investors should not have high expectations as the current surge can’t persevere the crashing market.
Dogecoin has seen its market value deteriorating amidst escalated fear in the crypto space, slumping it to the lowest mark ever.
The Real Dogecoin Fans
Meanwhile, most Dogecoin holders seem unbothered by the market conditions, still contributing to the growth of DOGE’s long-term holder unit. Addresses that maintained their holding for over six months stayed unfazed even with the market enduring two crashes.
Moreover, they control more than 34.5% of the overall supply. Also, the 12 – 18-months cohort grew its power to 7% from 4% within two months.
Therefore, while Dogecoin sees a somewhat fruitful day, nothing is enough to propel the meme token to ten cents. The original meme token might need a massive Musk push and market-wide support for impressive upswings to higher targets.
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