After its latest run, which saw the largest coin reach an all-time high of nine months, Bitcoin bulls are currently painting the market green. Altcoins like Ethereum, Dogecoin, and Cardano started to slowly rise after Bitcoin passed the $27,000 milestone and are currently trading in the green.
Dogecoin, the largest meme coin, has increased by 18% over the past week and is presently trading at $0.078147. The coin’s total circulation supply decreased by 0.09% to more than 138.56 billion, while the trading volume fell by 36.0% from the prior week.
The price of Dogecoin may rise if Bitcoin’s rally holds strong, which might lead to a move, where the coin can retest at around $0.0946. Holders of Doge would gain by 23% as a result of this move.In an extremely bullish scenario, Dogecoin pricing can try to continue this current rally and pass the $0.106 mark, increasing the whole gain to 40%.
Also, between March 1 and March 8, the number of new addresses joining the Dogecoin network increased from 15,000 to 30,000. This increase coincides with the bullish narrative.
Why did Dogecoin Dip Mid-Week?
In the previous day, the cryptocurrency market as a whole rose by 4%, with investor optimism likely being boosted by steps made in the US to stabilize First Republic Bank’s financial situation, which was on the verge of collapse.
Dogecoin’s price dropped in the middle of the week because cybersecurity researchers at Halborn had found a zero-day vulnerability in its code and the code of over 280 other networks. Even though Dogecoin’s developers had already fixed the flaw before Halborn revealed it (on March 13), the coin still decreased as a result. Overall, the Dogecoin price analysis continues to be bullish in the short term.