Will Dogecoin’s Price Discovery Follow Bitcoin Like It Did Historically?

One trader reacted by saying he is currently is “sitting in spot” and curious to observe the breakout.

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Also Read: Trader Sketches ‘Somewhat Safe’ Bitcoin, Ethereum, Dogecoin Investment Ideas For 4 To 7 Figure Portfolios

Why It Matters: Zer0’s tweet provides a historical perspective on Dogecoin’s price movements in relation to Bitcoin’s market behavior, suggesting a potential strategy for investors to consider during future Bitcoin price discovery phases.

Bitcoin’s price discovery phases often lead to significant market movements, impacting various cryptocurrencies. By analyzing past cycles, investors can better anticipate potential trends and adjust their strategies accordingly.

IntoTheBlock data shows large transaction volume expanding by 5.7%, while transactions greater than $100,000 dropped marginally from 297 transactions on June 3 to 263 on June 4. Exchange net flows plunged 1,847.2% in a single day.

Price Action: In the past 24 hours, DOGE is trading 1.6% higher at $0.1639.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Dogecoin’s 23% Monthly Gains Steels Trader’s ‘Insanely High Conviction’ DOGE Will Outpace Bitcoin      

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