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In a remarkable turn of events, the price of Dogecoin (DOGE) has surged by over 4% this week, currently standing at an impressive $0.082 per token. What is catching the attention of market observers is the cryptocurrency’s robust performance against major players, with a 3.81% gain against Bitcoin (BTC) and a 5.79% rise against Ethereum (ETH).
Delving into market trends, it becomes evident that Dogecoin has been strategically buying back during downturns over the past three weeks, as reflected by the long tails on the candlestick chart – a positive sign signaling heightened buyer interest.
Fueling this bullish sentiment are substantial withdrawals of DOGE from centralized trading platforms, with the latest notable transfer being 113.14 million tokens, equivalent to $9.14 million, pulled from Robinhood. Such movements often suggest a strategic accumulation by investors capitalizing on market dips.
🚨 113,140,662 #DOGE (9,143,670 USD) transferred from #Robinhood to unknown wallethttps://t.co/9e1ucvnfLX
Beyond these market dynamics, there are fundamental drivers contributing to Dogecoin’s upward trajectory. Notably, the DOGE-1 lunar mission received regulatory approval from the NTIA. This crucial clearance paves the way for the final FCC license.
The DOGE-1 satellite, slated to launch aboard the SpaceX Falcon 9 rocket, represents a groundbreaking initiative in the crypto space. The satellite will feature a miniature screen displaying advertisements, images and logos, all funded using Dogecoin. In fact, DOGE-1 made history as the first satellite launch fully financed with popular cryptocurrency.
As Dogecoin eyes a bullish run, driven by both market dynamics and groundbreaking initiatives like the DOGE-1 mission, the crypto community eagerly anticipates the next chapters in this unprecedented journey to the moon.
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.