The passing of Kabosu, the beloved dog that served as the inspiration for Dogecoin, sparked a brief surge in the price of DOGE.
Over the past 24 hours, the trading volume of Dogecoin has soared by more than 35%, leading to a 10.5% increase in its value, pushing it above the $0.17 mark.
Despite the overall decline in the global cryptocurrency market, Dogecoin (DOGE) has managed to capture attention once again with its impressive trading volume surge of 35.67% since the early trading hours. This surge has resulted in a significant price increase of nearly 10.5%, raising the value of Dogecoin from $0.1562 to $0.1727.
The cryptocurrency market sentiment has turned bullish, especially after the introduction of the spot Ethereum ETF. However, after the initial excitement settled, major cryptocurrencies experienced a decline, returning to their usual average states. In the midst of this, Dogecoin stands out with its bullish outlook. The question now is whether the bulls will maintain the hype surrounding DOGE.
The recent passing of Kabosu, the Shiba Inu that served as the inspiration for the original Dogecoin meme, caused brief price spikes for Dogecoin. The viral meme from the early 2010s led to the creation of Dogecoin in December 2013, which has now become the largest meme coin by market capitalization and has inspired numerous other dog-themed cryptocurrencies.
Interestingly, during the 2021 bear market, Dogecoin’s popularity waned after Elon Musk referred to it as a “hustle” during his appearance on SNL. Additionally, the market saw the rise of many new meme coins inspired by Dogecoin, diverting attention away from the original. However, recent trends indicate a resurgence in Dogecoin’s popularity, with an increase in trading volume since the beginning of the year.
After reaching yearly highs above $0.22, Dogecoin has been trading within a stable price range of $0.16 to $0.19. If the current upward momentum continues, Dogecoin could potentially test resistance at $0.20, leading to further rallies towards $0.22 and $0.25. A rise above $0.28 could indicate a strong bullish trend, ensuring a positive finish for 2024.
On the other hand, if Dogecoin fails to maintain its position above the critical resistance level of $0.16, it could find immediate support at $0.1321. Further decline could result in resistance levels at $0.1278 and $0.1164, potentially trapping Dogecoin in a bearish trend and pushing its value down to $0.0861.
In other news, Coinbase recently faced a legal setback in a Supreme Court case related to its Dogecoin sweepstakes. The U.S. Supreme Court ruled unanimously against Coinbase in a dispute over arbitration from the 2021 Dogecoin sweepstakes.
Users had accused the exchange of false advertising, claiming they were misled into spending $100 to participate in the sweepstakes. The 9-0 ruling concluded that a court must determine which legal agreement takes precedence when multiple contracts are involved.