Dogecoin Rises 5% Amidst Bearish Crypto Market Trends

Dogecoin, commonly known as DOGE, recently witnessed a remarkable uptick in its market performance. Data from Santiment, a well-known firm specializing in cryptocurrency analytics, reveals that Dogecoin’s value has climbed by a modest 5%. This rise is particularly notable as it occurred amidst a largely bearish trend in the broader cryptocurrency market.

The increase in DOGE’s price is supported by substantial on-chain activity. Notably, the transaction volume for Dogecoin has soared, reaching a staggering $665 million. This figure represents the peak transaction volume for DOGE in the last quarter, underscoring a renewed interest and activity in the cryptocurrency.

There’s also a growing confidence among traders in Dogecoin’s potential for further price increases. This is evidenced by a significant uptick in the volume of long positions on Dogecoin. Investors are seemingly optimistic, betting on Dogecoin’s value to continue its upward trajectory.

The Most Anticipated Dogecoin Launch

Astrobotic was funded by the Dogecoin community back in 2015 and has sent them a bunch of “Physical Dogecoins”. In return, Astrobotic’s mission to the moon in 2021 included Dogecoin to safely land on the lunar surface.

The claim retained the attention of the Space Technology firm and in 2021, they shared a post addressing how in between the integration of MoonBoxes with the Peregrine lunar lander they stumbled across some Dogecoins sent back in 2015 to the firm. Tagging the SpaceX founder Elon Musk, Astrobotics alluded, “Dogecoin actually going to the moon.”

Previously, the vision to send a literal Dogecoin to space was curated by Elon Musk due to his craze of DOGE meme coins. The DOGE-1 mission which is still pending from 2021 is yet to make a move. 

SpaceX, the launch provider for Intuitive Machines, has repeatedly postponed the Nova-C mission, proportionally affecting the launch of DOGE-1.

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DOGE Community Sparked Over the Launch

As the updates went viral that the physical Dogecoin would be sailing to the moon on December 2023, the Doge Army went straight to the X platform to share their joy. Notably, the Doge community has lauded the news with their collaborative opinions. Many enthusiasts already reposted the launch news showing the positive stance of the crypto community for the same.

However, on the contrary, many raised concerns over the official announcement from Astrobotic is yet to come. Although the community is already head over heels, there’s no certain confirmation from the Space tech firm.

As of writing, the Dogecoin price was at $0.08128609 with a tremendous jump of over 5% in the last 24 hours. In addition, the volume has surged 73.58% to $2.06 billion as the news circulates over the market.

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