Dogecoin (DOGE-USD) may be the original memecoin that was created as a joke, but it’s not something anyone should be laughing at anymore. Additionally, the people who hold Dogecoin shouldn’t be treated with the broad contempt and disdain that often occurs. Maybe it made sense for early cryptocurrency adopters and traditional finance to poke fun at Dogecoin and its holders five to eight years ago – but that time has passed.
Three Reasons Why Dogecoin Isn’t Something to Laugh At Anymore
- With a market capitalization of $22 billion, Dogecoin is among the top 10 cryptocurrencies by market cap.
- Its market cap is high enough to put it into the S&P 500. If it were in the S&P 500, its market cap would be above big names like Western Digital (NASDAQ: WDC, $23.18 billion), Hewlett Packard (NYSE: HPQ, $22.28 billion), Domino’s Pizza (NYSE: DPZ, $16.95 billion), and Best Buy (NYSE: BBY, $16.19 billion).
- For those who mock Dogecoin investors, here’s a stat that might shock you: 82.72% of DOGE holders are in the money (in profit/in the green).
DOGE Still Looking Strong
From a technical analysis perspective, Dogecoin continues to perform spectacularly. Although a large percentage of the altcoin market has turned negative for 2024, a -36.262% drop from DOGE’s most recent swing high of 0.229, it’s still up +74.55% for 2024.
There are some strong signs that Dogecoin might find a bottom soon. Below DOGE’s current price is a strong support cluster comprising Ichimoku and Fibonacci levels:
- $0.1516 – Daily Senkou Span A
- $0.1500 – 38.2% Fibonacci retracement.
- $0.1419 – Senkou Span B
- $0.1404 – 100% Fibonacci extension
The daily chart’s Composite Index and Detrended Price Oscillator also support Dogecoin’s bottom being found soon. The DTO and the CI are at or near historical support levels. In other words, don’t be surprised if DOGE suddenly bounces hard soon.
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