dogecoin (CRYPTO:DOGE) is down 11.5% in the last 24 hours, although traders remain optimistic about its long-term prospects.
what happened
Even though the ‘Dogecoin superfan’ Elon Musk humorously tweeting on Monday that “DOGE is inevitable,” the leading meme Cryptocurrency has found itself on the receiving end of a market correction.
@DOGE it is inevitable pic.twitter.com/4AaEr0Sev6
— Elon Musk (@elonmusk) November 25, 2024
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7 day trend |
| Dogecoin (CRYPTO:DOGE) | $0.3785 | $55.6 billion | -11.2% | -2% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002404 | $14.2 billion | -7.5% | -4.9% |
| Pepe (CRYPTO: PEPE) | $0.00001808 | $7.6 billion | -10.6% | -11.2% |
Trader’s observations
Cryptocurrency trader Kevin highlighted that during the previous Dogecoin bull market, DOGE maintained support above the 50-day moving average through multiple tests.
Currently, this moving average stands at $0.22 and is trending higher with each daily close.
You can also read: Altcoins will dominate the market if Bitcoin remains between $94,000 and $95,000
Kevin believes this support could pave the way for higher prices if DOGE stays near current levels.
Cryptocurrency trader Bluntz noted that Dogecoin’s current correction could be complete following a two-week sideways pattern.
He assured his followers that despite waning interest from some traders, the broader uptrend is intact, with a potential target of $1 or more before significant profit-taking occurs.
current $doge wave 4 looks done here.
has been in an upwards sideways running flat correction for 2 weeks now and plenty of people have gotten bored and moved on to chase the next shiny thing.
in reality the doge parabola has only just started, no profit taking until $1 minimum… pic.twitter.com/pU64QUujHq
— Bluntz (@Bluntz_Capital) November 26, 2024
Statistics
Data from IntoTheBlock shows that large transaction volume has increased by 41.1% and daily active addresses have grown by 34.9%. Data from Coinglass shows that DOGE derivatives volume has increased by 5.1% to $15.6 billion, while open interest currently stands at $3.2 billion.
In the last 30 days, DOGE leads the meme cryptocurrencies with a gain of 174.7%, surpassing Shiba Inu with 41.4% and Pepe with 98.5%.
Community News
The Dogecoin Foundation announced plans to develop open source projects and tools that position DOGE as a practical currency for everyday use.
Key initiatives include the Dogebox Decentralized Infrastructure System, designed to help businesses self-host online stores and integrate into decentralized payment networks. It also rewards node administrators when Dogecoin is used locally.
With primary funding from Ethereum co-founder Vitalik Buterin and an anonymous donor, the Foundation is seeking major backers to advance its 2025 roadmap to create a payments ecosystem that is free, decentralized, and independent of centralized control.
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