The cryptocurrency market witnessed a major carnage. A majority of cryptocurrencies dipped during the weekend. Dogecoin (DOGE), the OG meme cryptocurrency was one of the biggest losers of the day with a double-digit drop. While several were diving deep into the reason behind this fall a few others were wondering if DOGE still has the potential to reach $1 this month.
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Dogecoin’s 24% Downfall
The largest meme coin encountered a loss of nearly 24% over the past 24 hours. DOGE was trading at a high of $0.3061 earlier today and went on to fall to a low of $0.2117. During the time of writing, Dogecoin was trading at $0.2307. Amidst this, the trading volume of the meme coin surged by 349% pushing the final value to $9.59 billion. Considering the path that DOGE is currently taking, this could mean increased selling pressure in the market.
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Dogecoin has always been a favorite among whales. These entities are large wallets that buy significant amounts of cryptocurrencies at one go. Whales were seen accumulating a sizable quantity of DOGE during the past couple of months. But Ali Martinez, a prominent analyst revealed that whales had sold a staggering 270 million DOGE during the last 24 hours.
Will $1 Remain A Dream For The Meme Coin?
In order to surge to a high of $1, Dogecoin must rise 372% from its current price level. According to data from CoinCodex, the chances of DOGE surging to a high of $1 in February were bleak. The maximum price that the asset will trade at during this month is $0.2272 and the average price remains at $0.2055. While the $1 milestone seems unrealistic right now, it could witness a rise later this year.
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