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However, Dogecoin’s social influence has grown in tandem with Ethereum’s. DOGE’s price has more than doubled in the last seven days, outpacing the price increases in Bitcoin and Ethereum.
While it has only been less than 24 hours since ETH reached its all-time high, the cryptocurrency is now rangebound below the $2,300 mark. Dogecoin’s price rally, on the other hand, has repeatedly broken through its rangebound price action over the last two months.
Furthermore, DOGE’s trade volume is still far from matching its February 2021 pace, implying that there is still space for a vertical price rally. As a result, the price can be predicted to rally higher during the press time trading volume.
At DOGE’s press time price range, 100% of HODLers is profitable, with concentration by big HODLers increasing to 60%. When comparing indicators such as exchange rate, shift in market capitalisation, and concentration by big HODLers, the rivalry between DOGE and ETH is clear. In the case of ETH, the increase in trading volume has been a “mere” 18 percent, compared to 74 percent for DOGE.
Though ETH has a higher market capitalisation, DOGE’s market cap has increased by more than 20% in the last few days. As a result, with more big HODLers rising large transactions on the network and dumping more funds into DOGE, it is clearly vying with ETH for the lead in the latest rally.
Following the Berlin upgrade, the market rally in ETH is expected to cool steadily, while in the case of DOGE, there is less selling pressure and less willing HODLers. Yesterday, almost all DOGE HODLers were profitable, and the asset’s price did not succumb to selling pressure.
This is typical of DOGE, and with good fundamentals and buyer interest, DOGE could rally for a long time and lead the market’s altcoins. In the case of DOGE, traders have noticed that the price surge is no longer being motivated by the fact that it is a meme coin. Indeed, the metrics are developing in such a way that it is vying with ETH to lead the altcoin rally.