Dogecoin

bullish

Worldcoin

Momentum

<ul>
 <li>Analysts have come forward with speculation of an imminent “God Candle” driving bullish sentiment leading to further gains for the Dogecoin.</li>
 <li>Dogecoin surged over 10%, reaching its highest price since late September.</li>
</ul>
Dogecoin, the largest memecoin by market capitalization has made center stage once more after surging 10% in the last 24 hours. As earlier reported, the digital asset’s price has remained buoyant since the news of a potential Grayscale listing surfaced surging by 4%.&nbsp; This impressive rally has reignited heightened speculations of an imminent “God Candle.” Breaking down, traders use this term to describe a massive, explosive price movement. As memecoins experienced a recovery, DOGE has particularly stood out, reaching its highest price since September 29, 2024.
At the time of press, DOGE is currently swapping hands with $0.1231 marking a 3.85% and 14.11% surge in the past 24 hours and past week respectively. Setting a higher benchmark, the digital asset has increased by 22.44% in the past month and by 106% in the past year. Additionally, spot trading volumes for DOGE surged to $1.8 billion on October 16, a 95% rise in the last 24 hours and a 165% increase over the past week. With a market capitalization surpassing $18 billion, Dogecoin continues to solidify its <a href="https://www.ethnews.com/why-doge-pepe-whales-are-scooping-up-dogen-at-0-0006-3-factors-you-cant-ignore-and-one-that-will-convince-you-to-buy/" target="_blank" rel="noopener noreferrer nofollow">dominance</a> as the top memecoin.
<h3 id="b-grayscale-eyes-dogecoin-listing-b">Grayscale Eyes Dogecoin Listing</h3>
Several factors have contributed to DOGE’s recent price surge. As per <a href="https://www.ethnews.com/grayscales-listing-speculations-fuel-dogecoins-ambitions-for-3/" target="_blank" rel="noopener noreferrer nofollow">our earlier report</a>, Grayscale, the digital asset manager with a staggering $13.87 billion in Bitcoin holdings, is fueling market excitement with rumors of an impending listing.&nbsp;
Also worth noting is that the firm has hinted at potentially adding other prominent tokens like Toncoin and Worldcoin to its offerings.
<h3 id="strong-factors-behind-dogecoin-s-bullish-momentum-strong">Factors Behind Dogecoin’s Bullish Momentum</h3>
Adding to the enthusiasm, analysts are pointing to a potential long-term recovery. Recent developments have signaled this could be the end of a downward trend for the digital asset. Notably, one analyst took to the x platform boldly asserting that “Doge is ready to run,” as many traders expect a continued upward trend.
<img fetchpriority="high" decoding="async" class=" wp-image-99780 aligncenter" src="https://www.ethnews.com/wp-content/uploads/2024/10/GZ-n7fcWoAAvJt6-300x205.jpeg" alt="" width="675" height="461">
Additionally, technical indicators support this optimism. A chart shared by crypto analyst Mikybull Crypto shows DOGE breaking above a 180-day descending trendline, suggesting key resistance levels stand at $0.13 and $0.14. Notably, Mikybull <a href="https://x.com/MikybullCrypto/status/1846482156597531093" target="_blank" rel="noopener noreferrer nofollow">added</a>, “It looks like god candle is coming,” adding fuel to the fire surrounding a significant price breakout.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a>
 It looks like god candle is coming.
 Deja vu indeed <a href="https://t.co/bbtjkDTYBm" rel="noopener noreferrer nofollow">pic.twitter.com/bbtjkDTYBm</a>
 — Mikybull <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f402.png" alt="🐂" class="wp-smiley" style="height: 1em; max-height: 1em;">Crypto (@MikybullCrypto) <a href="https://twitter.com/MikybullCrypto/status/1846482156597531093?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 16, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Another important factor driving Dogecoin’s recent rally is the sharp increase in open interest a key metric that measures the number of active contracts in the market. According to CoinGlass data on October 16, DOGE’s Open Interest rose to $755.5 million, a 27.3% increase from the $593.7 million recorded the day before.&nbsp;
Additionally, the perpetual futures funding rate, which tracks the cost of holding long positions, has risen to 0.0102% for every eight hours. This suggests that traders are willing to pay more to maintain their bullish positions, indicating strong optimism for a continued DOGE price surge.
The post <a href="https://www.ethnews.com/dogecoins-10-leap-reignites-speculation-of-imminent-god-candle/" rel="noopener noreferrer nofollow">Dogecoin’s 10% Leap Reignites Speculation of Imminent ‘God Candle’</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Dogecoin’s 10% Leap Reignites Speculation of Imminent ‘God Candle’

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