Here's Why Dogecoin Barked 13% Higher Today
Key Points
Despite still-low readings on the "fear/greed" index, Dogecoin is ripping higher in Wednesday's session.
Sentiment does appear to be improving among retail investors, with Dogecoin's vast outperformance suggesting momentum could be returning.
Let's dive into a few of the key drivers of today's move and whether this momentum can be sustained.
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Dogecoin (CRYPTO: DOGE) is among the key meme coins investors continue to view as key to the sentiment discussion in the cryptocurrency sector. With the fear and greed index recently hitting a low I haven't seen in some time (it's near rock-bottom at 11/100 at the time of writing), today's move in this meme coin is even more impressive.
As of 3:30 p.m. ET, Dogecoin has surged 13% over the past 24 hours to move back above the $0.10 level. Let's dive into what's driving this upside and whether the investment thesis remains intact for bulls betting on continued upside over the long term.
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Is meme mania back?
Source: Getty Images.
One of the key sentiment gauges in the market, when Dogecoin is ripping higher (as it is today), it's a safe bet that most digital assets are also up. Over the past 24 hours, this is undoubtedly true, though Dogecoin's impressive 13% price appreciation is far outpacing the surges seen in other key tokens.
Much of this has to do with growing excitement over a key Binance listing of Dogecoin and three other large-cap tokens with a zero Maker fee promotion. The addition of four new spot trading pairs should improve liquidity and participation for Dogecoin investors on Binance (the world's largest decentralized exchange) and increase buying activity over time. That factor alone appears to be viewed by investors as a net positive, given that retail demand for meme coins remains the key driver of price appreciation during bull-market rallies.
Additionally, modest total value locked (TVL) growth driven by minor DeFi experiments suggests that infrastructure development is occurring faster than some have suggested in the past. With active addresses trending higher (weekly surges of roughly 36%) and more than 71,000 active wallets on the network in recent days, this token has some fundamental support for its recent rise.
Given the still-low sentiment readings in the market, I'm remaining cautious with this one-day move. That said, it is notable, and there may be something to this rally. For Dogecoin enthusiasts, I think the next few days should provide some fireworks, so strap in for some big moves in either direction.
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Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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