The cryptocurrency market faced a significant blow on Friday as a widespread sell-off dominated the space. Within just 60 minutes, the industry experienced liquidations totaling a staggering $210 million. The sudden downturn affected a wide range of assets, leaving many investors scrambling.
Despite this market turbulence, Dogecoin (DOGE) appears to be standing out with potential upward momentum that could take it to $0.25, positioning it among the top 5 most profitable cryptocurrencies of the moment.
With its strong community and widespread appeal, analysts speculate that Dogecoin could see a breakout in the coming weeks. June, in particular, may be a critical period as DOGE aims to reach a key $0.25 price level. If achieved, this would further solidify its status as a favored asset among retail investors and enthusiasts alike.
Dogecoin Targets $0.25: Breaking New Ground in Crypto
Amid a significant market downturn, reports emerged on Friday that 21Shares filed an amended proposal for a Dogecoin Exchange-Traded Fund (ETF). This marks a bold move, as Dogecoin continues to maintain its strong appeal due to its highly engaged community and growing popularity as one of the most recognized digital assets.
The filing suggests that 21Shares sees potential in capitalizing on Dogecoin’s mainstream notoriety and fanbase, which has often propelled the asset into the spotlight, particularly during crypto market rallies.
Despite the broader cryptocurrency market closing the week in the red, with most major assets losing value, Dogecoin has demonstrated a surprising degree of resilience. As the month of May ends, optimism around DOGE appears to be growing, with analysts highlighting the possibility of a price target at the $0.25 mark. If achieved, this could solidify Dogecoin’s position as one of the top five most profitable cryptocurrencies currently on the market.
A recent report revealed that 77.9% of the entire Dogecoin (DOGE) supply is currently in profit, making it one of the top-performing cryptocurrencies in major crypto tokens. Bitcoin (BTC) claimed the top spot, with an impressive 98.4% of its supply in profit. Ripple (XRP) followed at 90% and Chainlink (LINK) held third place, with 80.5% of its supply in profit.
On Friday, Dogecoin started forming a new head and shoulders pattern on its daily chart, indicating a potential climb toward $0.23, with $0.25 as the next key resistance level. Currently priced below $0.20, Dogecoin has dropped over 15.96% in the past week. However, it remains up by more than 7% over the last 30 days, according to CoinMarketCap.
Also Read: Shiba Inu (SHIB): The Game-Changing Tech That Could Crown It the Memecoin King
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
