(ORDO NEWS) —
According to TradingView data, the price of the meme-based crypto rose 11% after the Dogecoin Core 1.14.5 update announcement, but then quickly pulled back and lost about half of its profits. There are multiple developments that could be the reason for the rise. For this reason, we have compiled market analysis. What’s going on at DOGE? Let’s take a quick look…
Dogecoin Core fuels meme coin
Another reason for Dogecoin’s sudden growth could be the rally in the cryptocurrency market, which is currently worth $3 trillion. However, the main fuel for the growth is considered to be the update that led to a decrease in wages approved by Elon Musk.
The fee reduction was also warmly welcomed by the Dogecoin community, which is always ready for further decentralization of the network. In addition to lowering transaction costs, the update also improves the performance of the network by fixing pre-existing vulnerabilities that are causing problems for DOGE users.
The rapid rebound in the current market was most likely due to selling pressure near the local peak of $0.3, where Dogecoin price returned to its September value. Dogecoin has been in a steady uptrend since the beginning of the month, gaining 43% overall, reaching a local top of $0.34. Had visited this area previously in August.
At the time of writing, DOGE is trading at $0.2803 with a market cap of $36 billion and a growth of 4.3% over the last 24 hours. In addition, SHIB fell to 11th place, down 20% weekly, while DOGE took 9th place.
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