Dogecoin Rally: Over 70% Of Holders Enjoy Profit As Memecoin Climbs 9%
25 Agosto 2024 - 12:30PM
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Over the last 24 hours, Dogecoin (DOGE) has been on a wild ride,
proving to be one of the best performers in the crypto market. This
motion is here to stay, as there has been a massive swell in
addresses turning profits. Related Reading: Injective (INJ)
Skyrockets 21% As Proponents Weigh In On New Developments Although
a forecast by CoinCodex suggests DOGE may see a dip of roughly 14%
by the end of September, that has done nothing to dull investor
enthusiasm. This, in fact, for many tells yet another twist in
Dogecoin’s rather unpredictable journey. At the time of writing,
DOGE was trading at $0.1083, down 3.6% in the last 24 hours, but
sustained a 9% rally in the last week, data from Coingecko shows.
More Addresses Turn Profitable In its entirety, this latest price
rally has seen 73% of Dogecoin addresses turn “in-the-money.” That
amounts to 4.72 million addresses currently realizing gains. On the
opposite side, there are 1.61 million addresses, which accounts for
25.04%, which is still in the red. There’s also a small
percentageᅳ1.34%ᅳthat are breaking even. But here’s the really
interesting part: many analysts argue that just in case DOGE
conquers the resistance at $0.139, the number of profitable
addresses will surge to 80%. That is significant because it would
trigger confidence among investors, leading to more buy-ins and,
arguably, higher prices. Whales Aren’t Worried With talks of a
potential price drop at play, whalesᅳthe big players in the
Dogecoin marketᅳare not too far away to get bothered. What the data
from Santiment further revealed is that such large holders are, in
fact, piling on to their positions in DOGE. Those holding between
100,000 to 1 million DOGE represent 6.14% of the total supply.
Those holding between 10 million to 100 million DOGE have also been
locking in their stash and now represent 12.92% of the supply at
press time. This accumulation in a fixed manner reveals a whale
community poised to play the long game, ignoring short-term
fluctuations while betting on Dogecoin in their portfolio.
Importance Of $0.139 Dogecoin needs to gain strength above $0.139
in order to make an important step in the direction of a notable
change. The level is coming from a long-term moving average, and
what is rather interesting, it is quite tricky: as a matter of
fact, it had statistically played as tough long-term resistance for
DOGE. Indeed, if that level is surpassed, a big rise is present in
profitable addresses. This, in turn, could fuel further buying
pressure, pushing the price even higher. If, conversely, DOGE fails
to rise above this critical level, the expected dip could
materialize, leading to a period of consolidation. Related Reading:
Optimism: Major Partnership Pushes OP Price By 24% Mixed Sentiments
Ahead So, what’s next for Dogecoin? The sentiment is a bit of a
mixed bag. The Fear & Greed Index currently stands at 54-
neutral, which shows that the market does not incubate extreme fear
or overwhelming greed. Over the last 30 days, DOGE has had 33%
green days, which means there is activity in the marketᅳnot hot,
but at least it’s not stagnant. Enough movement is happening to
keep things interesting. All in all, Dogecoin probably will remain
as unpredictable as always. The whales believe in the long-term
potential and the rise in profitable addresses. But with a
potential dip on the horizon, caution remains the name of the game.
If long-term holders and short-term traders share anything in
common, it’s going to be that evidently Dogecoin will be a coin
that over the weeks to come you cannot afford not to watch very
carefully. Featured image from Screen Rant, chart from TradingView
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