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After a steady decline, Dogecoin price found support near the $0.0985 level. A base was formed, and DOGE started a decent upward move like Bitcoin and Ethereum. There was a move above the $0.1020 and $0.1040 resistance levels.

The lackluster Dogecoin price action could change very soon as on-chain data suggests increased activity behind the scenes.

Amid the sluggish price performance, Dogecoin is now seeing a rise in one of its major metrics.

Dogecoin whales are starting to increase their holdings in what is a general uptick in activity on the Dogecoin blockchain.

Dogecoin (DOGE), the leading meme coin in the crypto sphere, witnessed a notable uptick on Thursday, propelled by the influential backing of Tesla and SpaceX tycoon Elon Musk, a longstanding advocate of the digital asset. 

As the general cryptocurrency market is witnessing a rebound, assets like Dogecoin, the leading meme coin are attracting strong optimism from the industry as bullish predictions toward the coin’s potential in the short term are on the rise.

Elon Musk has once again fueled political speculation with a recent meme shared on the social media platform X. The meme features an AI-generated image of Musk behind a desk with a placard that reads “D.O.G.E.,” humorously standing for “Department of Government Efficiency.”

After a major decline, Dogecoin price found support near the $0.0888 zone. The price formed a base and recently started a recovery wave like Bitcoin and Ethereum. There was a move above the $0.0920 and $0.0935 resistance levels.

Shiba Inu (SHIB) lack of bulls in terms of price performance hasn’t stopped the crypto community to lose faith in the meme coin.

Dogecoin (DOGE), the largest meme-based cryptocurrency by market capitalization, has recently formed a second low, suggesting that the meme coin could be gearing up for a potential 4,000% rally to new all-time highs above $4. 

The meme coin market is undergoing a dramatic downturn, with prominent cryptocurrencies like Dogecoin (DOGE), and Shiba Inu (SHIB) facing substantial decline.

The world’s richest man, Elon Musk, has hinted that Dogecoin (DOGE) could return as a payment method when buying Tesla merchandise.

Dogecoin has become known as one of the altcoins in the crypto market to put on impressive rallies with each bull market cycle. These powerful performances have solidified it as an investor favorite, and the current cycle is no different.

Former US President Donald Trump’s crypto portfolio has surged to nearly $26 million, primarily due to the recent airdrop of a new memecoin.