The price of the largest cryptocurrency in meme from the market, Dogecoin (DOGE) has soared over the last day, reaching a new milestone by rising almost 20% in the last 24 hours. During the recent rally, the Dogecoin token managed to reclaim the $0,20 price level for the first time since December 2021.
At the time of publication, the price of Dogecoin (DOGE) was quoted at US$0,2145 with an increase of 16.5% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$6.333.531.732. In its weekly development, the DOGE price has seen an impressive increase of 41.3% in the last seven days.
The month of March has been special for cryptocurrency market, with the impressive price rises of several cryptoassets given the expectation of growth and positive sentiment in the community. You memecoins, in turn, even presented an upward rally, registering price explosions and a notable recovery accompanying most assets. Dogecoin has shown a remarkable and quite significant monthly development by experiencing 125.3% growth in the last 30 days.
The last time DOGE reached the $0,20 mark was on December 4, 2021. However, the meme cryptocurrency still remains a long way from its peak price of $0,73 reached on May 8 2021 during the height of the sector's bull market. Comparatively, the current price is 70,70% lower than the historical peak.
Dogecoin: On-chain metrics suggest strong DOGE price rally
Recently, the price of Dogecoin saw a rally near the $0,19 zone, now DOGE is enjoying renewed fervor from investors, signaling growth potential that cannot be ignored. Dogecoin's on-chain metrics, in particular, have seen a significant increase, suggesting that the uptrend is just beginning.
Standing out among the metrics are transaction count, whale transaction volume, and consumed age of DOGE tokens. According to Santiment data, a more than 700% increase in transaction count was observed, jumping from 1,22 billion to 9,2 billion in just two days. This notable increase coincided with the recovery in Dogecoin's price, highlighting a strong correlation between these factors.
