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Sujit Kumar
Dec 3, 2024
by Sujit Kumar

Dogecoin Crosses $62B Market Cap Amid Rising Adoption and Network Growth

Dogecoin Crosses $62B

Table of contents

  1. Network Growth Fuels Optimism
    1. December Projections: Can DOGE Break $0.50?
Dogecoin (DOGE) has achieved a significant milestone, surpassing a $62 billion market cap, reflecting strong recovery and investor enthusiasm. Currently trading at $0.44, DOGE has seen a remarkable rise from under $0.10 in October.

Technical indicators highlight sustained bullish momentum. The 50-day moving average at $0.26 has supported the rally, while the 200-day average at $0.15 offers long-term support. The Relative Strength Index (RSI) has cooled to 62, suggesting potential for further upside if buying pressure increases. Key resistance stands at $0.50, with immediate support at $0.40 and stronger backing around $0.35 in case of a correction.

Network Growth Fuels Optimism

Dogecoin’s on-chain metrics also paint a bullish picture. Transaction volume peaked at over $10 billion in mid-November, stabilizing at $2.44 billion in early December, indicating healthy network activity.

Active addresses surged to a record 9.23 million in November, showcasing rising user participation. This growth demonstrates that Dogecoin’s rise is supported by tangible adoption rather than pure speculation, further cementing its market position as the leading meme coin by market capitalization.

December Projections: Can DOGE Break $0.50?

If DOGE breaks above the $0.50 resistance level, it could target $0.60 or higher by mid-December, driven by increasing market activity and strong investor sentiment. Such a breakout may attract additional retail investors, fueling another potential rally.

As Dogecoin continues to capture attention, its ability to sustain momentum hinges on broader market conditions and ongoing network engagement.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Dogecoin Crosses $62B
Dogecoin Crosses $62B Market Cap Amid Rising Adoption and Network Growth
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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