Dogecoin (DOGE) holds investor confidence despite meme coin bloodbath

As the cryptocurrency market experiences a downturn, triggered by Bitcoin’s drop below the $60,000 mark, meme coins have taken a significant hit.

Among these, Dogecoin (DOGE) stands out, showing signs of investor optimism despite the widespread decline.

While other themed tokens like Shiba Inu, PEPE, and BONE faced losses of up to 11% in a single day, Dogecoin’s decline was comparatively moderate at 6%.

Memecoin bloodbath

The past 24 hours have been challenging for the cryptocurrency market, with global capitalization dropping by 3.16% to $2.11 trillion.

This downturn has particularly affected meme coins, leading to what can be described as a bloodbath in the sector.

Popular tokens such as Dogwifhat and BONK lost 9.67% and 9.08%, respectively, while the frog-themed PEPE saw a 9.29% decline.

Despite this, not all meme coins suffered. Dogs and POPCAT defied the trend, recording gains of 8.19% and 5.06% over the same period.

Weekly performances also showed stability in some areas, with FLOKI and POPCAT posting gains of 24% and 58%, respectively, helping to maintain the overall meme coin market capitalization at $41.30 billion, up slightly by 0.32% in the last day.

Dogecoin trading volume reflects bullish sentiment

Amid the broader market declines, Dogecoin’s trading volume saw a surprising 26% increase, reaching $687,191,046, according to CoinMarketCap.

This uptick in trading activity suggests that investors remain optimistic about Dogecoin’s potential recovery, despite the recent price drop.

The surge in trading volume may have played a key role in sustaining Dogecoin’s support level at $0.10, providing a buffer against further declines.

Possible Dogecoin bounce back

DOGE displayed bearishness at press time, hovering at the $0.101 price mark. The original meme coin remains poised for more dips as sellers tighten their grip.

Source: Coinmarketcap

Despite the current performance, Dogecoin investors might have to focus on the altcoin’s strength. DOGE holds a crucial space in the crypto market as ‘the Bitcoin’ of meme cryptocurrencies.

In that context, notable uptrends in the meme space will likely trigger a significant rebound for DOGE.

Moreover, it is among the favorite assets for large-scale participants – crypto whales. Interest from market movers could rescue Dogecoin from its bearishness.

Further, IntoTheBlock stats show that 70% of DOGE investors are making money at current prices. These players will likely maintain their positions as they target more returns.

That indicates confidence in Dogecoin’s near-term recovery, likely boosted by the broad market revival.

Thus, Dogecoin remains well-placed for solid rebounds once bulls take control of the market. Improved investor sentiment amid bearish price actions will likely strengthen DOGE during uptrends, potentially leading to extended surges.

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