However, it is worth noting that the hype has recently faded. And this has recently become abundantly clear.

Dogecoin for less than $0.1?

For more than nine months, the altcoin has been losing value on the charts. In fact, there hasn't been a rally since May 2021. As a result, $0.69 is the highest level reached by DOGE thus far. On the contrary, at the time of writing, the coin was hovering around $0.12.

DOGE demand has gradually decreased over the months. The meme coin has been somewhat consolidating over the macro timeframe, with the bulls at rest. Furthermore, the bulls have frequently witnessed price depreciations that have cost DOGE more than 10% of its value. Even minor corrections have become significant because they have not been offset by recovery.

At the time of writing, the altcoin appeared to be getting closer to its next support level by the day. If the trend reversal does not occur, the token will fall even further. The MACD seemed to agree with that narrative as well. However, the ADX has yet to indicate whether or not the active trend is strong.

Regardless of market conditions, investors are doing everything they can to mitigate the fall.

To begin with, unlike Shiba Inu, DOGE investors are not only present on the network, but their participation is growing. Even in the face of adversity. The number of addresses for Dogecoin investors peaked at 144k, up from an average of 60k.

Second, in order to keep the price from falling due to a dump, DOGE holders are HODLing as much as they can. According to the alt's Mean Coin Age, for example, investors have been consciously accumulating in the hope of a recovery since November.

This is also supported by the shift in HODLer distribution. The 1-week to 1-month-old 25-26 Billion DOGE moved into the 1-month to 3-months cohort shortly after the transition to accumulation. The same was true at the end of January for the 3-months to 6-months cohort.

This means that despite the lack of a market rally, investors are HODLING their DOGE. This is not only necessary, but it is also preventing DOGE from falling further down the charts.

As long as investors continue to support DOGE, we may not see the cryptocurrency fall below 10 cents anytime soon. It's difficult to say whether that's enough for another recovery rally.

When geopolitical tensions in Eastern Europe reached a breaking point last Thursday, bitcoin lost 10% of its value.

Since then, the top-ranked cryptocurrency has struggled to establish itself. It was as low as $US34,000 ($A46,800) at one point.

However, it quickly regained its lost value and then some.

At the time of writing, bitcoin had risen by 11%, with a 24-hour high of US$41,993 ($A57,817).

Other prominent coins were also on a winning streak: Solana was up nearly 16%, Terra was up 14%, Ethereum was up 8%, and both ripple XRP and BNB were up 7%.

According to Tony Sycamore, APAC market analyst at City Index, what we're seeing could indicate a "Lazarus-like recovery" in the cryptocurrency space, referring to the Biblical figure who rose from the dead.

As bitcoin began to stabilize, CryptoPotato reported that the blockchain was "confounding bears."

The news also boosted the Australian analysis and comparison site Finder.

"BTC's ongoing price momentum has seen the digital currency completely erase its monthly losses," Finder noted.

The world's leading blockchain has also achieved "a relatively high level of financial stability over the last 48 hours," according to the report.

But, just as the cryptocurrency's price drop was attributed to Russia's invasion of Ukraine, so was its resurrection.

"Sanctions imposed by the West on Russia over the weekend have resulted in strong inflows into bitcoin and other digital assets as Russians seek ways to get their money out of the country and their rapidly tumbling currency," Mr Sycamore said.

According to cryptocurrency data firm Kaiko, bitcoin trading volumes in Russia have reached levels not seen since May of last year.

Volumes on rouble-based exchanges increased by 121% compared to the previous week, according to CoinShares data, as reported by Bloomberg.

Ukraine's Vice Prime Minister Mykhailo Fedorov pleaded with cryptocurrency exchanges to block the transactions in order to economically cripple his adversary.

"I'm requesting that all major cryptocurrency exchanges block Russian users' addresses," he wrote.

"It is critical not only to freeze addresses associated with Russian and Belarusian politicians, but also to sabotage ordinary users."

I'm asking all major crypto exchanges to block addresses of Russian users.

It's crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.

— Mykhailo Fedorov (@FedorovMykhailo) February 27, 2022

Binance, the cryptocurrency exchange that joined the Association of Banks of Russia last month to provide regulatory input on blockchains, understandably has a large number of Russian transactions going through it.

Earlier on Tuesday, it took the unprecedented step of blocking some of its Russian users' accounts.

Binance said that while Russian clients targeted by sanctions will be barred from its system, it will not interfere with the accounts of others, despite Ukraine's call to block all Russian users.

"Crypto is intended to provide greater financial freedom for people all over the world," Binance stated.

"To unilaterally decide to deny people access to their crypto would be contrary to the very reason crypto exists."

However, we are taking the necessary steps to ensure that we take action against those who have had sanctions imposed on them while minimizing the impact on innocent users."

On the weekend, Western nations including the United States, the United Kingdom, Europe, and Canada imposed new sanctions on Russia, including the blocking of certain lenders' access to the SWIFT international payment system.