Dogecoin Price Recovers After Largest DOGE Shorting of 2023

Dogecoin (DOGE), the popular memecoin, has experienced a mini run, reclaiming the $0.07 level for the first time in four weeks. This surge follows the largest DOGE shorting of 2023, which occurred six days ago and likely contributed to the recent price increase. Despite the positive movement, the level of discussions and interest surrounding Dogecoin has remained relatively low.

Dogecoin Mini Run To $0.07

Market intelligence platform Santiment has observed that despite Dogecoin’s recent price surge, the level of discussions and interest surrounding the cryptocurrency has remained low. They attribute this increase to the largest shorting of DOGE positions in 2023, which likely contributed to the pump.

Recently, trader Kaleo expressed confidence in DOGE’s imminent rise in a tweet, highlighting the cryptocurrency’s current slow but steady upward creep.

Interestingly, there have been reports suggesting that Elon Musk, the well-known entrepreneur and CEO of Tesla, has expressed a desire for Dogecoin to become a currency on his “everything app” X.

Also Read: Dogecoin, XRP Can Now be Used to Book 600 Airlines

Can PEPE Outperform DOGE?

Miles Deutscher, a notable cryptocurrency analyst, recently expressed the belief that in the next cycle, Pepe ($PEPE) has the potential to outperform Dogecoin ($DOGE). Deutscher provided three reasons to support this assertion- fewer underwater holders, Pepe’s fresher meme appeal, and the potential for greater price impact with less liquidity needed.

As of now, Dogecoin is trading at $0.06898, reflecting a 0.08% increase in the past hour, a 0.71% increase over the last 24 hours, and an impressive 6.08% gain over the past week. With a market capitalization of $9,658,894,557, it continues to hold its position as the largest memecoin by market cap.

Also Read CoinGape analysis on Is it the Right Time to Buy $DOGE?

In terms of trading volume, Dogecoin has seen a significant surge, with $449,222,253 traded within the last 24 hours, representing a 51.68% increase. However, it is worth noting that Dogecoin’s all-time high was reached on May 8, 2021, at $0.7376. Despite the current positive movement, the current price remains 90.65% lower than its historical peak. Read More Dogecoin News…