Dogecoin (DOGE) price has entered the bullish zone and it is leading a new memecoin revolution today as it has maintained its bullish resurgence since the news of X Payments accounts was reported on July 20. At the time of writing, the memecoin is changing hands at a price of $0.08818, up 11.13% in the past 24 hours. 

Dogecoin Price and On-Chain Outlook

Current on-chain data shows that Dogecoin rose from a 24-hour low of $0.07899 to the level it now trades at. The revival recorded within this timeframe was spurred in part by the parabolic jump in trading volume. This metric has risen by 289.72% bringing the total volume of DOGE traded to $1,303,078,319.

Dogecoin has played the underdog for some time especially in the memecoins world as alternative tokens, especially those from the Solana ecosystem took center stage. While the Dogecoin price has recorded only a minor growth of 14.71% in the past 6 months, one of its core rivals BONK has jumped by 3,437% in the same period.

The current bullish outlook in Dogecoin price is complementary to the whale activity in the network at the moment. The memecoin’s whale volume, per data from IntoTheBlock, has jumped by 21.25% to $1.21 billion. This rare resurgence has placed Dogecoin in the spotlight at a time when Bitcoin’s large transaction growth dropped by 44.27% to $20 and Ethereum’s nosedived by 42.83% to $2.4 billion.

The recovery in Dogecoin’s price has helped it erase the majority of its losses in the trailing 7-day period. This brings its weekly growth to a positive 6.6% from a loss of over 10%. This sentiment might trigger a memecoin revolution across the board.

Bullish Standards Set for SHIB, PEPE and BONK

The recovery in Dogecoin price has further uplifted the bullish sentiment in the memecoin world as many competing tokens are now wriggling out of their long-drawn losses from the past week. 

Shiba Inu (SHIB), riding on potential milestones on Shibarium has jumped 1.81% to $0.000009529. Should this tempo be sustained, the memecoin might be on its way to erase one zero from its price to $0.00001.

While BONK is currently up by 2.91% to $ 0.00001186, PEPE has grown by 3.31% to $0.000001152, complementing the broader bullish trend in the memecoin world.

The post Dogecoin (DOGE) Price Jumps 11% as New Memecoin Revival Begins appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am