Dogecoin is trading at $0.14185 as the cryptocurrency marks its 12th year since launching in 2013. This meme coin, originally created by Billy Markus and Jackson Palmer, now boasts a market cap of $22.5 billion, solidifying its place in the top 10 cryptocurrencies.
On this noteworthy anniversary, Dogecoin is witnessing its highest network activity in three months, with over 71,000 active addresses. The uptick in engagement is a promising sign as the coin transitions into its 13th year of operation.
Most recently, Tesla’s website has been updated to include Dogecoin as a payment option. This integration could make it possible to purchase popular electric vehicles, including the Model 3 and the Cybertruck, with DOGE. The change is speculated to be part of a broader strategy that may connect with the XMoney payment system on Elon Musk’s X platform.
In a remarkable show of support for the cryptocurrency, large holders, or whales, have made substantial purchases recently, acquiring 480 million DOGE tokens between December 2 and December 4. Their total holdings increased from 28.0 billion to 28.48 billion tokens, further emphasizing DOGE’s appeal among significant investors.
Price Movement and Technical Levels
Currently, Dogecoin sits at $0.14185, down 1.2% from recent highs of $0.1522. The price remains below crucial moving averages, trading under MA-20 at $0.14727, MA-50 at $0.16722, and MA-200 at $0.20279.
The cryptocurrency has established a narrow trading range between $0.1393 and $0.1400. A recent surge in trading volume, amounting to 333 million during an attempt to breach resistance, marked a 79% increase over normal levels. However, this spike prompted a rejection at the $0.1409 resistance level.
As of December 8, around 07:00 UTC, ongoing volume surges coincided with sell-offs at resistance. The price retraced but found support at $0.1393, currently trading around the midpoint of its established range.
ETF Launch and Institutional Interest
A noteworthy spot Dogecoin ETF has launched with initial participation marking a significant step toward institutional acceptance of the meme coin. This product acknowledges DOGE as a structured and regulated investment opportunity, potentially expanding its market appeal.
Technical indicators show bearish momentum on daily charts, with the MACD signaling a robust sell and the ADX confirming the strength of the trend. The RSI stands at 38.3, approaching oversold territory, with the CCI at a concerning negative 108.8.
Current resistance is observed at the Ichimoku Kijun level of $0.15516, with support near the recent low around $0.13805. A sustained break above $0.1409 could signal a price move toward $0.142, with further potential to reach the $0.15-$0.16 range. Conversely, if support at $0.1393 fails, a retreat towards $0.1380 could occur, bringing additional downside into play.
Despite the recent price consolidation, the increase in network activity and whale accumulation paints a picture of resilience for Dogecoin. As it enters its 13th year, DOGE remains a focal point for investors and enthusiasts alike, supported by an active user base and growing institutional interest through its newly launched ETF.
