The cryptocurrency market has suddenly recovered in the last two days as most digital assets are showing double-digit gains, and memecoins like Dogecoin are making a huge breakthrough.
Dogecoin is still alive
The world’s largest memecoin is currently on a roll gaining more than 10% for the second consecutive day. As of press time, DOGE is trading 15% up at a price of $0.075 with a market cap of just under $10 billion. Still, Dogecoin is trading at more than a 90% discount from its all-time high of $0.73 last year in May 2021.
As per the technical chart setup, the DOGE price rally could continue going ahead. The DOGE price has given a successful breakout from its descending resistance line. The DOGE price has been paying respect to this line for nearly 18 months now.
The recent DOGE price rally comes amid huge whale transactions. As per on-chain data provider Santiment, there have been more than 420 DOGE whale transactions each valued at over $100K. Also, the trading volume for Dogecoin (DOGE) has reached a staggering $1.18 billion.
The data provider notes: “Dogecoin rose above $0.072 for the first time in 10 weeks on the tail end of Ethereum’s own breakout the past couple days. Both DOGE whale transactions & trading volume spiked to August levels. Markets generally polarize when memecoins decouple.”
Some market analysts believe that the recent Dogecoin rally comes as Elon Musk is likely to conclude the Twitter deal this week, as per Bloomberg. Thus, the Dogecoin community could be cheering that the deal could pave way for DOGE transactions on Twitter.
Elon Musk has been the biggest proponent of Dogecoin over the last few years and believes that the meme cryptocurrency is better than Bitcoin for conducting daily payments.
Ethereum is aiming at the sky
In the last 48 hours, Ether surprised the majority of cryptocurrency investors with its explosive run to $1,500. The main reason behind such an unexpected price spike was mostly tied to the short squeeze on the market.
According to market trackers, the funding rate on the second biggest cryptocurrency in the world swiftly hit negative values after the first wave of buying power was seen on October 25. Some bears decided to take their chances and short the market, which could have been a logical decision.
Luckily, the existing short pressure was not enough to push Ethereum down and, instead, bulls were able to provide enough support for the second biggest assets on the market to cause a mild short squeeze.
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