The entire cryptocurrency market was painted red throughout the past week. The meme coin market followed a similar trend. Dogecoin (DOGE) witnessed major bloodshed during this period. The asset’s investors were seen drowning in losses. But the DOGE market was seen kickstarting a mid-week recovery phase. This further instilled hope in the community pushing investors to make ambitious bets for March.
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A Dive Into The OG Meme Cryptocurrency
Over the past 24 hours, Dogecoin recorded a much-needed uptick of 2.27%. At the time of writing, the meme coin was trading at $0.2111. But over the past seven days, the asset was down by nearly 17%. The asset’s monthly losses stand at 33%.
The latest drop has pushed Dogecoin much further from its all-time high. The meme coin hit a peak of $0.7376 back in 2021, about four years ago. Currently, DOGE is trading 71.34% below this high. The recent downfall of the market diminished hopes of DOGE reclaiming this peak.
Along with its price, Dogecoin’s network activity also took a hit. Recent data curated by Ali Martinez revealed that the number of active addresses on the network has decreased by 95%. The numbers went from 2.66 million in November to 130,282 today.
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Dogecoin Price Prediction
The Dogecoin market is slated to witness a major shift in its current sentiment over the next month. According to data from CoinCodex, Dogecoin will witness a 34% rise from its current price level. On the first day of March, DOGE will be priced at $0.283813. It looks like the meme coin will mostly end the month of February on a bullish note. The highest price level that DOGE will trade at is $0.2616 on the last day of the month.
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