The tenth most popular memecoin by market cap, DOGE has a market cap of over $8 billion, according to CoinGecko data.
Could it be that DOGE’s market value exceeding 8 billion dollars, which made a hit in the market for a while and provided serious gains to its investors, is preventing its rise?
Could DOGE’s $8 Billion Market Cap Be Blocking Its Rise?
Despite DOGE’s rise of 2.9 percent in the last 24 hours, according to CoinGecko data, its high market capitalization is viewed negatively by many crypto analysts. The high market capitalization in the popular memecoin is thought to be making the bulls check it out. Dogecoin is trading at $0.06 as of the time of the analysis.
Volume change of DOGE Source:SantimentDogecoin’s trading volume in the last 24 hours stood at $360 million as of the time of this content.
Looking at other metrics, Dogecoin’s thirty-day Market Cap to Realized Value (MVRV) ratio was minus 5,378 percent. This meant that MVRV would only get worse if the real bear market did occur. This is because MVRV can assist in showing the bottom signal.
Roaming and active addresses remained stable. Santiment also showed that 24-hour active addresses rose to $125,890, with a one-day circulation of 1.21 billion.
DOGE circulation data Source: SantimentNew Blocks Continue to be Issued in DOGE
Also in DOGE, new blocks continue to be mined. According to DogeCoin data, DogeChain currently has 4,400,927 blocks mined. This was done on 8,604,272 net difficulties.
Also, there appears to be a stance on the charts that Dogecoin’s market cap is not going to drop anytime soon. According to the MACD indicator, Dogecoin’s current momentum has been positive.
MACD showed that buyers are in control. This dominance has helped keep the strength of the 12 and 26 Exponential Moving Averages (EMAs) in positive territory. On the other hand, the Awesome indicator (AO) showed a neutral direction. Despite being more green, AO supported the buyers momentum in the short term.
DOGE indicator data Source: TradingView
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