- DOGE was one of many high memecoins by way of social exercise
- BabydogeSwap launched its new USDT/DOGE farm
Dogecoin [DOGE] lately made it to the information because it ranked second within the checklist of high meme cash by way of social exercise as per LunarCrush. This improvement demonstrates the memecoins’ reputation within the crypto business but once more.
Learn Dogecoin’s [DOGE] Value Prediction 2023-24
⚡️TOP #MEME Tokens by Social Exercise
15 November 2022$QUACK $DOGE $FLOKI $SHIB #BABYDOGE $SHIB $FLOKIM $VINU $MILO $VOLT $PETS pic.twitter.com/tyPntL03ZK— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) November 15, 2022
Not solely this, however DOGE’s value actions these days have additionally appeared fairly promising, because it was the one coin within the checklist of the highest 10 cryptos by way of market capitalization that was in a position to register over 2% weekly good points. At press time, DOGE was trading at $0.08959, 3% increased than the final day, with a market cap of over $11.7 billion.
One other constructive improvement occurred lately when BabyDogeSwap introduced the launch of its new USDT/DOGE farm. The brand new farm went reside with 3820% APR (annual share charge). It was additionally talked about within the official tweet that the APR might be diminished as extra liquidity is added.
USDT / $Doge farm is NOW LIVE with 3820% APR !
Stake now at https://t.co/nEJ3nD5fL6 pic.twitter.com/QyxSQLelKv
— BabyDogeSwap.com LIVE (@BabyDogeCoin) November 15, 2022
With such constructive updates within the Dogecoin ecosystem, what ought to an investor count on from Doge over the past month of this yr?
What metrics recommend
Part of the credit score for this value hike additionally goes to Elon Musk, who once more helped DOGE’s value transfer up by making a comment on the memecoin lately.
The previous couple of weeks for DOGE appeared fairly promising, as a number of on-chain metrics aligned with buyers’ pursuits.
As an example, DOGE’s MVRV Ratio went up, which is a constructive sign for the memecoin. Furthermore, DOGE’s Binance funding charge additionally registered a rise, reflecting increased curiosity from the derivatives market.
Supply: Santiment
Moreover, CryptoQuant’s data revealed a large bull sign for DOGE, as its Relative Energy Index (RSI) was in an oversold place, which will increase the probabilities of a continued northward motion within the coming days. D
Dogecoin’s day by day energetic addresses have been additionally constant over the past week, which is a constructive sign. Nonetheless, DOGE’s velocity gave just a little little bit of trigger for concern because it went down sharply over the past week.
Supply: Santiment
Will the bears step in?
A have a look at DOGE’s day by day chart gave a considerably ambiguous notion, as a number of indicators have been in assist of a value surge whereas the others advised in any other case.
The Exponential Shifting Common (EMA) Ribbon revealed that the bulls nonetheless had a bonus available in the market because the 20-day EMA was above the 55-day EMA, however the opportunity of a bearish crossover nonetheless remained.
The MACD’s studying revealed that the bears have been main the market. The CMF took a sideways path and was resting just under the impartial mark. Contemplating all of the metrics and market indicators, there are potentialities of an extra surge, however nothing may be stated with certainty. Due to this fact, buyers ought to be cautious earlier than making a name on DOGE.
Supply: TradingView