Amidst the dour market conditions, Dogecoin (DOGE) has been one of the major highlights in the crypto space in the past few days. From speculations of possible integration into Twitter to the ensuing positive price performance, this popular meme coin has enjoyed a bit of the spotlight lately.
Interestingly, this significant run has also yielded some favorable results on the side of the investors, with a good percentage of the average DOGE traders now in the green.
DOGE Records 25% Gain In Two Weeks, Puts Average Trader In Profit
Data from the on-chain analytics platform Santiment reveals that the price of Dogecoin has experienced more than a 25% increase in the past two weeks. Thanks to this recent price movement, the average DOGE trader active in the past year is now up in profit.
Related Reading: Dogecoin Trading Volume At 16-Week High As DOGE Jumps 9%
It was also noted that the cryptocurrency is not in the dangerous FOMO zone yet, meaning that this group of investors could see even more profit.
The FOMO (an acronym for “Fear of Missing Out”) zone represents a period when several investors begin to accumulate massive amounts of a certain cryptocurrency. If DOGE enters this territory, the token’s price will likely experience an increase, with traders potentially seeing more gains.
As of this writing, DOGE is trading at $0.079367, with a 2.5% price jump in the last 24 hours. CoinGecko data also shows that the token has notched a 15% price increase in the past week.
According to popular crypto analyst Ali Martinez, DOGE has a significant support zone between $0.070 and $0.076. He noted that around 452,000 wallets purchased $51.4 billion worth of DOGE within this price range.
#Dogecoin | The most important support zone is between $0.070 and $0.076, where 452,000 wallets acquired 51.4 billion $DOGE.
Conversely, #DOGE faces stiff resistance at $0.083 and $0.088. pic.twitter.com/rzPNJEtvuR
— Ali (@ali_charts) July 26, 2023
On the flip side, the cryptocurrency faces “stiff” resistance at the prize zone between $0.083 and $0.088, which could pose a threat to further upward movement.
Dogecoin Dominates Social Charts
As earlier mentioned, Dogecoin has been enjoying the attention of investors, making it one of the most talked about assets or subjects in the crypto space lately. Elon Musk, Twitter owner and a vocal supporter of Dogecoin, recently changed his Twitter location to “XД, contributing to the token’s increased traction.
As such, DOGE has been found at the top of many social charts. For instance, the meme coin is ranked third amongst the top trending assets on CoinMarketCap, with first and second place going to the newly-launched Worldcoin (WLD) and Ripple’s XRP, respectively.
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In addition, ‘Doge’ is among the top 5 trending subjects in the crypto space, according to data from behavior analysis platform Santiment. This reflects the token’s rising social dominance in the cryptocurrency industry in recent weeks.