Financial guru and wealth management expert Michael Gayed opined that Dogecoin’s [DOGE] the current market is an obstacle to the revival of the bull market. According to him, a $7 billion market cap for the meme cryptocurrency should not exist in bear market conditions.
The current market cap for Dogecoin is still over $7 billion.
This bullshit isn’t over yet.
— Michael A. Gayed, CFA (@leadlagreport) September 22, 2022
At the time of publication, DOGE’s market capitalization was approaching $8 billion. Referring to Gayed’s opinion, this current situation could mean that it may take longer for the bulls to regain control.
So what’s up with DOGE?
For DOGE, Gayed’s belief could just be that of a naysayer, especially as he recently outbid Polkadot [DOT] at market value. Despite falling just over 2% over the past seven days, DOGE’s price seemed interested in an upside. According to CoinMarketCap, DOGE was worth $0.05944 at press time, up 0.89% in the last 24 hours.
Moreover, its volume did not seem ready to welcome the fall for bear market confirmation. Santiment, the on-chain crypto platform, revealed that DOGE volume increased from 254.31 million on September 21. At the time of this writing, it was 403.47 million.
In other aspects, DOGE’s Thirty-Day Market to Realized Value (MVRV) was -5.378%. Thus, it meant that if the “real” bear market occurred, MVRV would deteriorate. This is because the MVRV can help indicate the signal down.
In terms of its traffic and active addresses, it remained stable. Sentiment too shown that 24 hour active addresses had increased to $125,890. For its one-day release, it was 1.21 billion.
Block to block
Moreover, DOGE was not bothered by the observations as it continued to mine new blocks. According to explorer DogeCoin, DogeChain, 4,400,927 blocks have now been mined. This was done with a network difficulty of 8,604,272.
Moreover, indications from the charts were that DOGE’s market cap might not fall any time soon. According to Gayed’s tweet, the bear market may remain for a long time. Based on the Moving Average Convergence Divergence (MACD), the current momentum of DOGE was positive.
The MACD showed that the buyers were in control. This dominance helped the strength of the 12 and 26 exponential moving averages (EMA) to remain in positive zones. On the other hand, Awesome Oscillator (AO) showed neutral bearish. Although with more green, AO favored the buyers’ momentum in the short term.