This action by Dogecoin (DOGE) will confirm a full-swing altcoin season

This action by Dogecoin (DOGE) will confirm a full-swing altcoin season
фото показано с : invezz.com

2024-3-5 13:54

Altcoins have staged remarkable recoveries as Bitcoin (BTC) approaches its all-time high vicinity of $69K. Meanwhile, Cardano (ADA) founder Charles Hoskinson commented on the ongoing change in dynamics within the cryptocurrency sector.

With Memecoins dominating crypto trends as retailers join the craze, Hoskinson trusts Dogecoin (DOGE) will reveal when an altcoin season officially begins.

That moment Doge flips Cardano. It's officially alt-season kids pic.twitter.com/cjNGNGKoi3

— Charles Hoskinson (@IOHK_Charles) March 5, 2024

The ADA founder acknowledged that Dogecoin might overtake Cardano in market capitalization, a move that will suggest an alt-season arrival.

DOGE outshining ADA

The altcoin market maintained an upward stance, following significant price increments over the past seven days. Dogecoin traded at $0.183, up 14% and 92% over the past day and week.

On the other side, Cardano dropped approximately 1% on its 24-hour chart to trade at $0.7771. The alt jumped 25% over the previous week. Dogecoin ranks 9th with $26.47 billion in market cap, approaching ADA at $27.49 billion.

Source – Coinmarketcap Large-scale investors confident in DOGE

Dogecoin whales have taken the ongoing price surges as an opportunity to scoop more tokens. Santiment stats show large-scale players with around 1 million DOGE tokens have added to their bags since February 29.

DOGE price & wallet activity on Santiment

The cohort purchased Dogecoin assets worth about $250 million last week. Continued whale purchases amid peak prices underscore a massive bullish stance and stable momentum in the coming sessions.

Moreover, Messari data shows Dogecoin active addresses metric has maintained uptrends since February 18.

The post This action by Dogecoin (DOGE) will confirm a full-swing altcoin season appeared first on Invezz

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Источник: invezz.com

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