Dogecoin, a cryptocurrency with origins in internet meme culture, has captured significant attention and sparked the creation of various other animal-themed coins within the crypto market. Originally intended as a lighthearted joke, these meme coins have surprisingly gained widespread popularity in recent periods.
Early adopters and investors in Dogecoin experienced substantial profits, with some achieving significant financial gains. However, the current situation for DOGE is less favorable.
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The latest data from IntoTheBlock reveals that DOGE is eyeing a breach of the $0.1 price. The In/Out of the Money” (IOM) indicator plays a major role in identifying the average purchase cost of any cryptocurrency. This will help in determining two things. In one situation, if the current cost is more than the average cost, the address is considered to be “In the Money.” In the other instance, if the current cost is lower, the address is “out of the money.”
What’s hindering Dogecoin’s surge?
Currently, Dogecoin maintains a price level with a trading volume of less than 10 billion DOGE, which is considered relatively low. On the horizon, Dogecoin faces a prominent resistance level, backed by a higher trading volume of 12.8 billion Dogecoin. Depending on the ongoing price action and potential market recovery, there is a possibility that this resistance level might be tested in the upcoming days.
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The recent surge in the new BASE network could also potentially aid in providing momentum for DOGE. Dogecoin is trading at $0.0795 with no major volatility in the last 24 hours, according to CoinMarketCap data.