Will DOGE Reach a New Record as It Soars Nearly 200% This Month?
Dogecoin (DOGE) started the new week calmly, following a high momentum value increase over the last three weeks. However, the popular memecoin continues to maintain its upward momentum towards record levels. Last week, the price of DOGE recorded an increase nearing 30%. Nonetheless, this upward trend slowed somewhat with sell-offs from $0.48, causing the cryptocurrency's price to drop to the $0.43 range. Following the recent surge, DOGE reached a market value of $63 billion, rising to become the 7th largest cryptocurrency.
Will the rise in DOGE continue? Despite maintaining the trend, DOGE's trading volume decreased by 15% in the last 24 hours. The decline in volume accompanying the price drop is generally considered a positive development within a bullish trend. However, the data indicate a rising bearish sentiment in the Dogecoin market. On the other hand, open positions have also decreased with DOGE's price, signaling a potential trend reversal soon.
Additionally, there has been an increase in DOGE's funding rate, suggesting that futures market investors are actively purchasing the memecoin at lower prices. Raoul Pal: "Dogecoin is stronger than Bitcoin." Market expert Raoul Pal claims that Dogecoin is a "stronger" currency than Bitcoin, suggesting that the memecoin will continue to outperform Bitcoin, the sector's first cryptocurrency. Pal supports this claim by examining Dogecoin’s historical price performance, noting that DOGE has outperformed Bitcoin since its launch in 2013.
Dogecoin began with a market price of $0.00056 in December 2013. After rising to $0.0187 in January 2018, it reached its all-time high of $0.7254 during the surge in May 2021. Following corrections in 2020 and early 2023, DOGE has now risen to its current price of $0.48. Since December 2013, DOGE has recorded an increase of 76,150%, while Bitcoin saw an increase of 8,031% during the same period.
Raoul Pal believes that despite Dogecoin's inflationary structure and memecoin nature, it is more efficient than Bitcoin. The analyst thinks that DOGE can continue to outperform BTC in terms of performance. The DOGE/BTC chart shows that since its launch, Dogecoin has gained 562% against Bitcoin. During last month's rally, DOGE also appreciated by 90% against Bitcoin. Pal predicts that the memecoin can sustain this trend in the future.