Repeatedly, Dogecoin (DOGE) has managed to astonish investors with its knack for gaining momentum within the market. Whether fueled by social media buzz or active trading, Dogecoin continues to captivate traders and enthusiasts alike.
Despite the overall volatility in the cryptocurrency market, the recent performance of Dogecoin indicates that the digital currency is primed for another upward swing.
Influx of Capital
A 19% surge in net capital inflows implies that more Dogecoin is entering exchanges than exiting them. This bullish flow suggests that investors are preparing for potential price shifts, likely in a positive direction.
Increasing inflows sometimes signal optimistic market sentiment, as traders position themselves for prospective profits.
Source: IntoTheBlock
Bulls Set Sights on $5 million Mark
Data from Coinglass provides additional bullish sentiment. The Dogecoin liquidation pool currently stands above $5 million at the $0.108 price threshold, indicating significant market interest and leverage, with bets leaning towards the upward trend.
Such large liquidation pools commonly signify robust market activity and often trigger further upward price movements when sentiment remains positive.
Source: Coinglass
Increased Social Buzz Fuels Dogecoin’s Bullish Trajectory
Per Santiment data, Dogecoin’s social chatter has experienced intermittent increases over the past month. While not a direct price driver, this serves as a crucial sentiment gauge.
Oftentimes, a surge in social discussions hints at community interest and active market engagement.
Source: Santiment
With a substantial liquidation pool, sporadic spikes in social activity, and a 19% rise in capital inflows, the current sentiment surrounding Dogecoin appears notably bullish.