Dogecoin bulls are ready to defend key support areas to prevent their weekly accrued gains from being wiped out as bears plan revenge missions. The largest meme coin continues to grace the cryptocurrency market with an unstoppable rally, as gains surpassed the 100% mark in a week. Over the last 24 hours, Dogecoin price extended its bullish outlook 21% higher, bringing its total accumulated gains to 112% in just seven days.
Key Fundamentals Support the Dogecoin Price Rally
Elon Musk, the world’s wealthiest man – and now the CEO of Twitter may have triggered the Dogecoin price rally mid this week; however, other on-chain and macro factors kept the uptrend intact, preventing sudden retracements.
At the time of writing, Dogecoin price exchanged hands at $0.1270, barely a day after it climbed above $0.1000. As discussed in this analysis on Saturday, DOGE exhibits the potential to brush shoulders with $0.1400, a move likely to set the pace for the second phase of its run-up to $1.0000.
According to Dogechain, a platform focusing on powering DOGE in DeFi (decentralized finance), GameFi and NFTs – Dogecoin is fast becoming one of the most frequented blockchains in the industry. Dogechain shared the details of on-chain transactions surpassing 2.5 million in the last 24 hours.
On-chain data from Santiment concurred with Dogechain, as shown in the chart below. About $14.25 billion has been recorded in trading volume, following a sharp swing from $3.00 billion on October 29. Dogecoin price has no plans of reversing the trend as long as interest in the token keeps hitting new levels.
Although most Dogecoin addresses are in profit, holders seem to be in for the long run. One would have expected them to book profits, but the MVRV (market value realized value) holds as high as 44.35%.
According to Santiment, this metric tracks the profit or loss of DOGE holders. It does so by monitoring the…
