- The cryptocurrency industry recovers from a bear market as Ethereum and Shiba Inu make gains.
- Dogecoin recorded a 10% hike in the last 24 hours.
- DOGE is currently trading at $0.065.
Dogecoin (DOGE) and Shiba Inu (SHIB) record new gains as the cryptocurrency market recovers from shakeout. Both meme coins posted major hikes in the last 24 hours.
According to data from Coingecko, the world’s biggest meme coin, DOGE recorded a hike of 10% in the past day, while currently trading at a new high of $0.065. Dogecoin is the tenth largest cryptocurrency across the globe, at the moment, with a market capitalization of nearly $9 billion.
Moreover, DOGE’s trading volumes on multiple crypto exchanges are very impressive with $682 million in 24 hours after a jump of 178% from the last trading day. The gains have in addition helped DOGE recover from its weekly and monthly losses. Coingecko data states that dogecoin has profited close to 7.6%.
However, today’s high is still very far from Dogecoin’s all-time high in May 2021, when it was trading for $0.7315. This means Dogecoin is at 91% from May 2021.
Alongside, DOGE’s future positions have been liquidating. Coinglass data suggests that 78.96% of Dogecoin’s liquidation, coming from its $2.22 million future positions, resulted from blown-out short positions.
The current bullish market and consistently growing long-term holders have contributed to the sudden hike in Dogecoin’s price. DOGE’s miner reserve is also 65% down over the past 12 months to 4.39 billion DOGE, last recorded in December 2013, according to IntoTheBlock.
The source data also highlighted that 2.81 million addresses are holding on to DOGE tokens for over a year, experiencing a double year-to-date gain.
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