Home » Dogecoin Joins Ethereum in Double-Digit Gains as Crypto Rallies

Dogecoin Joins Ethereum in Double-Digit Gains as Crypto Rallies

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Like a dog with two tails. dogecoin When Shiba Inu We had an impressive meeting this morning.

Memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) posted significant gains over the past 24 hours as the cryptocurrency market rebounded strongly from last week’s plunge.

DOGE, the largest and perhaps most famous memecoin, rose nearly 10% in the previous day. Dog crypto is currently trading at a monthly high of $0.065, according to data from. coin gecko.

DOGE, the 10th largest cryptocurrency with a market capitalization of just under $9 billion, is currently Polka dot(DOT) has a market capitalization of $7.5 billion.

Dogecoin trading volumes on various exchanges are also bright. Crypto trading volume has surpassed $682 million in the last 24 hours, up 178% from the previous trading day.

Today’s heroic act allowed DOGE to recoup its weekly and monthly losses. In his monthly notes, DOGE is up nearly 7.6%, Coingecko suggests.

Despite today’s double-digit gain, DOGE is down 91% from its all-time high of $0.7315 set in May 2021.

According to data from , $2.22 million worth of DOGE futures positions have been liquidated in the last 24 hours. coin glassMost of the liquidations (78.96%) were from blown short positions.

Red bars represent blown short positions. sauce: coin glass

In addition to the broader market’s bullish momentum, declining miner reserves and a steady increase in long-term holders have also been attributed to DOGE’s bullish price action.

Total miner reserves stood at 4.39 billion DOGE, a decline of nearly 65% ​​over the past 12 months, according to December 2013 data. into the block.

Minor Reserve indicates the total amount of unsold DOGE coins held in miner-related wallets. Declining metric values ​​mean that most miners have already cashed in their income.

DOGE Minor Reserves Over Time. sauce: into the block.

Nearly 2.81 million addresses have held Dogecoin for over a year, which is double the year-to-date, according to data from. into the block.

SHIB Tail Dogecoin Profit

The second largest meme coin by market capitalization, Shiba Inu (SHIB) is also up 4.4% over the last 24 hours. coin gecko.

SHIB has seen a 141.73% increase in daily trading volume over the same period, trading at $0.00001046 at the time of this writing. With a market capitalization of $6.152 billion, SHIB is the 14th largest cryptocurrency.

Unlike DOGE, SHIB’s 24-hour profit is not enough to cover monthly losses. SHIB is down 5.1% of him over the last 30 days.

Despite today’s slight rise, SHIB is down 87.9% from its all-time high of $0.00008616 set in October 2021.

According to data from shivaban tracker, Approximately 634,397 SHIB tokens have been burned in the last 24 hours. SHIB burns are directly correlated with community vigor within the Shiba Inu ecosystem.

Unlike other traditional tokens where every transaction burns a portion of its value, SHIB burns occur in multiple possible ways. sibburn tracker.

For example, you can listen to Flave Beats music on Spotify and 50% of the artist’s earnings will be used to buy and burn SHIB.

Shiba Inu has been burned in the last 30 days. sauce: sibburn tracker.

On September 30, 270,413,000 SHIBs were burned. Since then, SHIB burns have been on a downward trend.

The declining burn numbers indicate a drop in community interest, which is making a small profit in a raging bull market.

Besides Dogecoin and SHIB, Bitcoin Ethereum too made a remarkable recovery.

The major cryptocurrency is up 5.2% over the last 24 hours. ethereum A whopping 12% jump.

Disclaimer

The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment or other advice.

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