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Dogecoin Leads Crypto Market Recovery with Double-Digit Gains

Explore the recent surge in Dogecoin's price, its impact on the crypto market, and the factors driving its recovery.
Published on 2022-10-26

Dogecoin Leads Crypto Market Recovery with Double-Digit Gains

The cryptocurrency market is showing signs of recovery, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the charge. DOGE has seen a significant 10% increase in the past 24 hours, reaching $0.065, while SHIB has also posted notable gains.

Price Surge and Trading Volume

Dogecoin's recent surge has pushed its market capitalization to nearly $9 billion, making it the tenth-largest cryptocurrency. Trading volumes have skyrocketed by 178% to $682 million, indicating strong investor interest. This rebound has helped DOGE recover from recent weekly and monthly losses, with a 7.6% profit.

Market Position and Recent Gains

Despite the gains, DOGE remains 91% below its all-time high of $0.7315 in May 2021. However, the current bullish trend and increased long-term holdings are driving its growth. Data shows that 78.96% of Dogecoin's liquidations stem from short positions, highlighting a shift in market sentiment.

Long-term Holder Activity

The number of long-term holders is rising, with 2.81 million addresses holding DOGE for over a year, experiencing double-digit gains. Miner reserves have decreased by 65% over the past year, reflecting reduced selling pressure and a healthier market outlook.

This summary captures the essence of Dogecoin's recent performance and its role in the broader crypto market recovery, emphasizing key factors like trading volume and investor behavior.

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